LDO Price to Rebound; Buyers Eyeing for $3 mark Next Month?

• The LDO price has dropped by 26% this month, showing weakness.
• Death crossover has been observed between the MACD and the Signal line.

Since September, the LDO price has been bullish but failed to exceed the $8 hurdle. From the second week of January 224, the price has been in a negative trend. Since the beginning of 2024, the LDO crypto price has failed to reach the last-swing high, which shows the bears’ domination. 

The Lido DAO price lost around 50% in the first 12 days of April and dropped to the $1.50 level. Since April, the LDO price has been defending the $2 level. 

In mid-May, the digital asset price slipped below the $2 mark, but buyers managed to bounce back and grab the liquidity. After the sellers’ trap, the price witnessed strong buying pressure of 70% in just 10 days.

At the time of writing, the LDO crypto price traded at $2.05, surging by 3.74% in an intraday session. The market capitalization is $1.85 Billion, and the 24-hour trading volume is $158.69 Million.

Buying Signal at the 4-H Timeframe

$LDO has shown strength today and broken its trend on the 4-hour timeframe, which could present a potential short-term long opportunity.

To approach this, wait for a clean break of the 50-day moving average. Then, look to buy on the retest of this area to confirm it as support.… pic.twitter.com/SIee0M23ke

— Crypto Banter (@crypto_banter) June 14, 2024

According to a source on X, the buyers have shown strength, and the price has triggered a breakout from the trendline and generated short-term long opportunities. A clear breakout from the 50-day EMA and retest should be the entry-level. 

The stop loss level should be $1.94 or near $1.90, but the entry-level would be the $2 mark, and the target maybe $2.13, $2.27, and $2.40.

LDO Price Technical Analysis Over 1-D Timeframe

According to the technical chart, the Lido DAO crypto price has managed to defend the $2 mark and gained 12% in just 2 days. The price has taken support on the main support level and is heading for the 200-day EMA.

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Buyers might become confident if the price exceeds the 200-day EMA and trading volume increases. Based on the chart structure, the $3.50 mark is a major resistance level, and the price may extend to this level.

The overall trend is bearish, so the LDO price may develop a lower high near the 200-day EMA territory and show weakness again. If the price slips below the $2 level, strong selling pressure can be expected, and sellers may be eyeing for the last swing high.

Based on the technical indicators, the LDO crypto price is trading below the key moving averages. MACD has generated red histograms and developed a death crossover with the Signal line.

Conclusion

LDO crypto price is expected to encounter resistance at the $2.50 and $3.50 levels while finding support at the $2.00 and $1.50 levels during bearish momentum. The overall trend appears bearish, but buyers may gain confidence if the price surpasses the 200-day EMA and trading volume increases. 

However, it’s important to note that the price currently trades below key moving averages, and the MACD has shown bearish signals. Therefore, caution should be exercised, and the price may develop a lower high near the 200-day EMA territory, potentially indicating weakness. 

Technical Levels

According to the chart, the Lido DAO crypto price is expected to face resistance from the $2.50 and $3.50 levels. During the bearish momentum, it may take support on the $2.00 and $1.50.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.