Lidodao price jumped by more than 11%! Are LDO tokens a good investment in 2024?

The top cryptocurrency has had a positive start to the year, with the industry’s valuation rising by more than 5% in the last 24 hours. Additionally, LDO price surged more than 11%, making it one of the highest gainers in the cryptocurrency industry over the past day.

Lido Dao price traded in a closed range between $2.151 and $2.468 for a short period of time, after which the market lost momentum and the price broke the support level.

However, the bulls kept the price above the $1.974 support level, after which the price traded sideways for some time. After several attempts, the bull regained momentum and the value surged by about 15%.

The LDO coin price subsequently recorded significant price volatility, but the rally was short-lived as the LDO token was rejected at $2.953. Since then, the price has consistently traded in a consolidated range between $2.640 and $2.971.

Recently, the price managed to break out of the range, but the bulls lost momentum at the resistance level of $3.159, after which the price began to decline within the range.

The technical indicator MACD shows a decline in the histogram, indicating increasing selling pressure in the market. The averages also show a bearish curve, highlighting that a trend reversal is likely to occur soon.

Will LDO coin price recover its value?

If the bulls hold above the support level of $2.971, LDO price will regain momentum and prepare to test the resistance level of $3.159 during the week.

Moreover, if the market maintains the price at that level, Lido Dao token will attempt to test the upper resistance level of $3.5 in the coming days.

Negatively, if the bears overwhelm the bulls, the price will lose momentum and move lower, soon testing the support level at $2.825. Moreover, if the bears continue to dominate the market, they will move lower and prepare to test the lower support level at $2.640 in the future.