Against the background of the ongoing restoration of the crypto -market, the bull price action of the Lido Tao (LDO) attracted the attention of traders. In recent weeks, LDO fought within hard ranges from 1.50 to 2.00 dollars. However, with the current reduction in prices, he, in the visible, leaves this zone.
Technical analysis of Lido Tao (LDO)
According to expert technical analysis, LDO is traded within the narrow range from the end of December 2024, and the level 2 dollars acts as a strong resistance. During this period, LDO has encountered resistance several times, which leads to a noticeable reduction in prices.
Nevertheless, the current market mood changes, which can cause a jump in prices and a breakthrough above this resistance level.
LDO price forecast
Based on the recent price action and historical impulse, this breakthrough can be considered successful only if the asset closes the daily candle above the level of $ 2.5, otherwise it will be a fake. If this happens, there is a high probability that the LDO token can take off by 55%to reach the level of $ 3.37 in the future.
Nevertheless, the asset is traded above 200 exponential sliding average (EMA) for daily terms, which indicates that LDO is in an upward trend. On the positive side, the relative force of the asset (RSI) is currently lower than the level of 55, which suggests that Altcoin still has enough space to grow significantly in the coming days.
Bull metrics per chain
Looking at this bull prospects after the breakthrough, the traders showed great interest in the asset, as revealed the analytical company at the On-Chain Coinglass. The data show that the open percentage of LDO (OI) has increased by 32% over the past 24 hours and 20% over the past four hours, which indicates an increase in new positions from intraday traders.
Nevertheless, a long LDO/short ratio shows that intra -day traders decisively make bets on the long side, since it is currently 1.14. During printing, more than 53.50% of traders occupy long positions, while 46.50% occupy short positions, which makes the ratio favorable for bulls.
The current price is impulse
LDO is currently trading about $ 2.13 and has survived the increase in prices by more than 16%over the past 24 hours. Over the same period, the volume of bidding increased by 60%, which indicates the increased participation of traders and investors after a breakthrough.
