• Lido Dao price is flirting with a bullish breakout as bulls pair back earlier losses.
  • LDO reaches key level set to break higher.
  • Bulls have no choice but to break the descending trendline to avoid a sell-off.

Lido Dao (LDO) price is starting the week on the back foot with a near 2% decline as bulls attempt to pair back earlier losses from the beginning of the week. With bulls undergoing a rejection on the topside near the red descending trend line, there is only one solution left for bulls: north. Expect to see a breakout by Friday, with LDO opening a new batch of gains that could run up all the way to $3.37 for a 35% gain.

Lido Dao price has bulls preparing for only one outcome

Lido Dao price action is forcing the hand of the bulls to go all in and try to create that breakout trade to the upside. After a rejection on the top side against the red descending trend line, the bulls must step up their game to avoid a strong sell-off. With a breakout, a large area with more gains is getting unlocked and is open for trading. 

LDO thus will see bulls going all in this week while the Relative Strength Index (RSI) is nowhere near overheating just yet. This should open an ample amount of room for bulls to at least break above and have a weekly close above the red descending trend line. That positive close above will be enough to see more profits on the horizon.

LDO/USD  Weekly chart  

LDO/USD  Weekly chart    

Of course, the possible risk to the downside comes with the earlier rejection this week near the red descending trend line. Bears were so keen to get in and did not even wait for bulls to test the upside, which shows how forceful bears are at entering at that level. If that happens, expect to see a leg lower with support at $2.30 for a 10% decline.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Google, Apple could remove Binance from their app store on Philippines SEC request

Google, Apple could remove Binance from their app store on Philippines SEC request

The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds. 

More Binance News

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.

More Ripple News

Here’s why Ondo price hit new ATH amid bearish market outlook Premium

Here’s why Ondo price hit new ATH amid bearish market outlook

Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.

More Cryptocurrencies News

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP