At the start of the year, Lido DAO saw astonishing price growth, making it the top gainer in the past week. This week seems to be a correction phase as it drops and looks for a solid rebound level.
After a five-month decline, Lido DAO finally found support at $0.88 and consolidated around it for days before the price starts to increase.
This increase led to a break above a resistance line, which suppressed bullish actions throughout the decline. The breakout was followed by a massive price increase of over 150% in a week.
It eventually tapped a local peak of $2.64 during last weekend’s trading before dropping due to a sharp rejection. This correction has brought the trading price near the important $1.85 support (formerly resistance) level, where the price surged through last week.
Lido DAO is likely to consolidate here for a while before it resumes an upward rally. If such a scenario fails, it may correct lower before locating a solid level for a rebound.
No doubt about the fact that this asset has activated a bullish trajectory. Although, it has cooled off a bit. We can expect a more price explosion once it initiates a buy for the next rally.
Lido DAO Key Level To Watch Out For
Source: Tradingview
This currency has formed a proper W-pattern based at $0.44 in June and $0.88 in late December 2022.
If the pattern continues to play, with a rebound, the $2.3 and $2.64 resistance levels need to clear before rising to the neck at $3.1, which is a crucial breakout level for a bull run. The target from here is $5.
Meanwhile, the connecting support for a potential buyer is $1.8. If this level fails, it may navigate lower support at $1.5. Below it lies $1.3 and $1.1. A drop below the December 2022 low mentioned above will invalidate the bullish trajectory.
Key Resistance Levels: $2.3, $2.5, $3.1
Key Support Levels: $1.85, $1.5, $1.1
- Spot Price: $1.9
- 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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