Sellers have been strong throughout this year, and the Lido Dao (LDO) price has lost many crucial support levels. The LDO price has declined by forming lower lows and lower highs, reaching a multi-year low. Further, the crypto price has been in a consolidation phase for the past 3 months.
Here, technical indicators favored a bullish forecast even in the consolidation phase. The LDO price struggled over the 20-day exponential moving average (EMA). After removing the consolidation zone, let’s find out how the LDO crypto price performs.
Can LDO Price Gain Momentum?
Dedy (@Traderdedy) is a cryptocurrency analyst who claims that the LDO crypto price has the potential to shoot up soon. The price has declined and undergone a consolidation phase in a 4-H time frame.
$LDO
Should send soon. pic.twitter.com/Y9lhWOjPIV
— Dedy (@traderdedy) October 18, 2024
The LDO price is expected to rebound by 30% in the next few days. An increase in trading volume may enhance the chances of buying momentum.
Could the LDO Price Shoot Up or Decline Further?
When writing, the Lido DAO crypto traded at $1.15 with an intraday gain of 1.32%. The market capitalization was $1.03 Billion, and the 24-hour trading volume was $40.11 Million.
Since August, the LDO price has defended the psychological level of $1 and surpassed the 20-day EMA. Additionally, it has triggered a pullback in a smaller time frame. However, the price has formed an inverted head and shoulder pattern on a daily time frame.
If buyers show interest, the LDOprice may easily extend to the 200-day EMA. Strong buying pressure can be anticipated once the price overcomes the 200-day EMA. If the price surpasses the $2 mark, then a momentum of loss recovery can be seen.
On the other hand, if the LDO crypto price slips below the 20-day EMA, it could be a selling signal. Massive selling can be seen once the price loses the strong support level of $1. Additionally, it could be challenging for buyers to take over the charge again.
Turning to the technical indicators, the RSI has displayed bullish divergence on a daily time frame. It could lift the price for a while. The MACD has triggered a golden crossover with the Signal line and is heading for the positive territory. The histograms have flipped to green, which could invite buyers.
Lido DAO Price Prediction
The technical indicators are showing bullish signs for the LDO price. The RSI has displayed bullish divergence on a daily time frame, and the MACD has triggered a golden crossover. The Signal line is heading for the positive territory. This could potentially lift the price for a while.
However, keeping an eye on the $1 support level and the 20-day EMA is essential. They are crucial for determining the future direction of the price. If the price surpasses the 200-day EMA and the $2 mark, it could signal a potential loss of recovery momentum.
On the other hand, a slip below the 20-day EMA could be a selling signal. This could lead to massive selling if the strong support level of $1 is breached.
