thenewscrypto.com
- Lido DAO price showed a powerful breakout above the key EMAs, showing bullishness.
- LDO price surged by 25% in the last 24 hours, with a 212% daily volume surge.
Lido DAO (LDO) has shown a tremendous technical recovery and made a strong rebound that has attracted the interest of cryptocurrency traders and analysts. The recent price behaviour of the token indicates that it has made a clear break above the important exponential moving averages, which is an indication of a possible change in market sentiment and momentum.
The most notable change in the technical chart of LDO is the breakout above the 50-day EMA of $0.8316 and the 200-day EMA of $1.0510. This breakout of the two EMAs is especially interesting because it is a typical bullish indication in technical analysis. A break above both short-term and long-term moving averages usually means that there is a lot of underlying momentum and that the asset can continue moving higher.
As the CoinMarketCap data shows, LDO has gained more than 25% over the past 24 hours, with a significant 212% growth in daily trading volume. This surge in volumes confirms the breakout, since higher volumes are usually a confirmation that the price action is legitimate. The price surge, combined with the increase in volume, indicates the true interest in the market and not a fake breakout.
What’s Next in LDO Price?
The technical indicators are increasingly showing a bullish picture of LDO. LDO RSI has entered the positive zone, which means that the momentum is gaining strength. In the meantime, the MACD indicator is giving positive signals, and the histogram is indicating the presence of bullish momentum with green bars. The Social Sentiment indicator has also increased, which shows that more market participants are optimistic, and it may signify the support of the token by the community.
Support and resistance-wise, LDO has created a strong support base at the price of $1.05, which was once a resistance but is currently a pillar of future price rise. The nearest resistance level is at $1.5, which is a rational profit-taking point of the traders. Nevertheless, with the power of the present breakout and the positive technical indicators, LDO has a chance to test higher levels in case the momentum remains.
The combination of the technical elements EMA breakout, positive momentum indicators, better social sentiment, and high volume makes the bullish case of LDO in the short term rather strong. The support level to watch out for by traders is at $1.05, and the resistance zone is at $1.5.