The Lido DAO ($LDO) price bounced sharply two days ago and is approaching the final resistance area before a new all-time high.
In February 2023, the $LDO price created a double top pattern (green circle) above the $3 horizontal resistance area. The double top is considered a bearish pattern, meaning that it leads to reversals most of the time.
As expected, the price fell afterward, validating the long-term $3 resistance area and creating a long upper wick (red icon) on March 14.
Currently, $LDO trades in the middle of its horizontal range of between $2 and $3. Since the daily RSI is above 50 and increasing (green icon), a breakout from the range is the most likely scenario.
If that occurs, the next resistance would be at $4.12, created by the 1.61 external Fib retracement of the most recent drop.
On the other hand, if the rally loses momentum, $LDO could drop to the $2 support area once more.
Lido DAO ($LDO) Price Prediction for April: New All-Time High on the Horizon?
The technical analysis from the short-term six-hour time frame gives a bullish $LDO price prediction for April. The main reason for this is the breakout from a descending resistance line and its validation as support (green icon). The movement was combined with a RSI breakout above 50, increasing its legitimacy.
$LDO failed to move above the 0.618 Fib retracement resistance level despite the breakout. If it does, it will confirm that the trend is bullish, and a new all-time high is expected.
However, if the price gets rejected, a downward movement toward the range low of $2 could ensue.
To conclude, the most likely $LDO price forecast is an increase toward the $3 resistance area and eventual breakout. This could lead to a price pump towards $4.12. On the other hand, a rejection from the $2.80 area would invalidate this bullish forecast. In that case, the $LDO price could fall to its range bottom at $2.
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