LDO’s Price Flips Resistance Comfortably During Recent Rally
2022.07.16 19:55
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- LDO’s price has been in an impressive 4-day rally.
- The trading volume for LDO has surged more than 400% over the past 24 hours.
- Should the price of LDO remain above the 9 EMA level, it will climb to new heights in this rally.
The price of Lido DAO (LDO) has surged by double digits over the last 24 hours. Its holders might wonder now if the token’s impressive price performance will continue.
At the time of writing, the price of LDO stands at $1.06, which is a 19.04% increase over the past day. LDO’s price is not only in the green on the daily timeframe as the coin’s price is also up more than 60% over the last week, according to CoinMarketCap.
LDO’s price has also strengthened against the two largest cryptos by market cap — Ethereum (ETH) and Bitcoin (BTC). At the time of writing, LDO’s price is 19.10% and 18.79% up against BTC and ETH, respectively. As a result, 1 LDO is worth 0.00005131 BTC or 0.0008789 ETH.
LDO’s recent price performance resulted in its total market cap hitting approximately $1,055,753,027. This ranks LDO in the top 100 cryptos in terms of market cap.
Lastly, LDO’s trading volume has soared to above 400% over the past 24 hours to take the daily trading volume to $138,315,503.
Daily chart for LDO/USDT (Source: CoinMarketCap)
LDO’s price has flipped the $0.763 resistance level relatively comfortably over the past four days. This happened after the 9 Exponential Moving Average (EMA) line crossed above the 20 EMA line. The move has now encountered resistance at $1.183 to push the price down to its current level.
The resistance has seen the Relative Strength Index (RSI) on LDO’s daily chart slope negatively towards the RSI SMA line. This could be a bearish flag to watch out for over the coming days, which suggests that LDO’s price will fall in the coming days.
A confirmation that LDO’s price will fall is if it breaks below the 9 EMA line. An earlier indication would be the RSI closing the gap between itself and the RSI SMA line. Should the price of LDO drop down to the 9 EMA level and the 9 EMA level hold as support, it could be the retracement that LDO’s price needs before it breaks above the current resistance level.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
