Lido DAO’s (LDO) price has been moving within a narrow range between $1.50 and $2.00 recently, but now it’s starting to break out of that zone.
Since late December 2024, LDO has been trading within a small range, with the $2 level acting as strong resistance. Each time it reached $2, the price dropped significantly.
However, the market attitude is changing, which may result in a price spike and a breach over this resistance level.
For the breakout to be considered successful, LDO needs to close above $2.15. If it does, the price could rise by 55% and reach $3.37 in the future. Otherwise, it might just be a false move.
LDO is currently trading above the 200-day Exponential Moving Average (EMA), showing it’s in an uptrend. The Relative Strength Index (RSI) is below 55, which means there’s still plenty of room for the price to rise in the near future.
After the breakout, traders are showing strong interest in LDO, as seen in recent data from Coinglass. LDO’s open interest has increased by 32% in the last 24 hours and 20% in the last 4 hours, suggesting more intraday traders are getting involved.
The LDO long/short ratio is 1.14, meaning more traders are betting that the price will go up. Currently, 53.5% of traders have long positions, while 46.5% have short positions, which is a positive sign for the bulls.
LDO is currently priced around $2.13, showing a 16% increase in the last 24 hours. It’s trading volume has risen by 60%, indicating more traders and investors are getting involved after the breakout.
Also Read: Lido Ends Polygon Operations, Refocuses on Ethereum
