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- The LDO price has declined by 75% this year and reached a 52-week low.
- RSI has developed a death crossover, which could be a bearish signal.
Lido DAO (LDO) price has witnessed strong selling pressure and has declined by 75% YTD. The bearish trend has halted near the psychological level of $1 and has undergone a short-term consolidation phase.
The LDO price was consolidating near the historical major support level, and sellers struggled to drag the price below.
The RSI developed a bullish divergence during the LDO crypto price consolidation phase. This may invite buyers and might help to lift the price further.
Technical Indicators Analysis
Based on the RSI analysis, a bearish forecast for immediate purposes was displayed. It has shown a bullish forecast for the mid-term as it has developed a bullish divergence.
MACD has triggered a bullish crossover with the Signal line, and the histograms were green. The LDO price prediction suggested a bullish forecast.
Technical Chart Analysis
The LDO crypto traded at $0.982 when writing, which has risen by 1.18% in the past 24 hours. The market capitalization was $878.83 Million, and the 24-hour trading volume was $45.74 Million.
At press time, the LDO price was consolidating on the historical major support level. Sellers have attempted multiple times to drag the price below the $1 mark but couldn’t.
The technical indicators favored the bullish forecast at the bottom. If the chart structure attracts buyers, it could be a buying opportunity. In contrast, suppose the price surpasses the 20-day EMA and trading volume increases. Buyers may be eyeing the 200-day EMA.
Assuming the LDO price smashes the 200-day EMA, it could attract whales, and a trend reversal can be anticipated.
On the other hand, buyers might lose momentum if the crypto asset price slips below the $1 mark. A new all-time low (ATL) may be recorded if the price remains below that level.
Can the LDO Price Witness Multi-Month Rally?
CryptoBullet (@CryptoBuller1) has tweeted that the token has shaped a beautiful leading diagonal on the weekly time frame. The LDO crypto was trading at the beautiful buying spot.
$LDO #Lido 1W chart
— CryptoBullet (@CryptoBullet1) September 15, 2024
I like this chart. Beautiful Leading Diagonal!
If you wanted to buy #LDO this is the sweet spot to do it imo.
I’m expecting a multi-month rally
Target 1 – $8.8
Target 2 – $16.6 (Main Target)
Target 3 – $36.9 (if things get really bullish) pic.twitter.com/2n87PmIGcP
The LDO price is expected to reach the $8.80 mark as its first target. The price may reach the $16.60 and $36.9 levels once the investors buy the dip.
LDO Price Analysis and Forecast
Based on the analysis, the LDO price has experienced a significant decline, reaching a multi-year low. However, there are indications of a potential rebound.
The RSI has shown a bullish divergence during the consolidation phase, which could attract buyers and support a price increase. Additionally, technical indicators such as the MACD signal a bullish outlook for the mid-term.
The price was consolidating near a major historical support level. It could signal a buying opportunity if it attracts buyers and surpasses key moving averages. Conversely, a sustained drop below the $1 mark could lead to further downside, potentially setting a new ATL.
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.
