While most altcoins are yet to find a bottom in the recent dip, LDO has bounced back and is now bullish again after increasing notably in a week. It approaches a key resistance where a potential break lies.
After the late 2023 surge that triggered a rally from a low of $1.5 to a peak of $4 in January, LDO initiated drops and entered a correction mode.
The price rolled over to the bottom and sharply bounced back to $2.7 in May, although it faced rejection and fell back. Fortunately, it found a solid group above the $1.7 level and resumed surge to where it is priced at $2.37 at the time of writing.
LDO appears bullish on the daily chart but will likely face some hurdles at a descending resistance line, suppressing bullish actions for the past five months. A continuous rejection from this line could trigger another leg down from a mid-term perspective.
A successful break above the resistance line should confirm a market structure shift in favour of the bulls. Such a scenario should bring a full recovery to the mentioned yearly peak before making a stronger rally.
So far, it is currently the market’s top gainer with a 25% weekly gain and is looking to chart more in the next few days, following a new bullish formation on the daily chart.
LDO’s Key Level To Watch
Source: Tradingview
LDO is charging towards a confluence area, where the $2.64 resistance lies. A significant break above this resistance should bring us quickly to $3 and $3.4 in no time.
For now, the $2.3 and $2.07 levels are considered close supports for a pullback. Below it lies the monthly low of $1.76, followed by the major $1.5 bounce level in April.
Key Resistance Levels: $2.64, $3, $3.4
Key Support Levels: $2.3, $2.07, $1.76
- Spot Price: $2.37
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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