Lido Dao price has recorded an increase of over 22% in its valuation, indicating huge buying pressure for this cryptocurrency in the market. Additionally, LDO prices have risen more than 18% over the past week.
Lido Dao price showed a neutral trend, moving sideways in a closed range between $1.974 and $2.285 for about a week, after which the market gained momentum and the price broke out of the range.
The price then traded between $2.285 and $2.524 for some time. As the market gained momentum, the price broke out of the range, but the rally was short-lived and the price eventually fell.
After several attempts, the price successfully broke the resistance level of $2.794. Since then, the price has traded in a consolidated range between $2.794 and $3.60.
A recent uptrend regaining strength and successfully breaking out of a range signals a trend reversal in the market. Lido Dao is currently trading in a narrow space between $3.60 and $3.845 and is attempting a breakout, the outcome of which is unpredictable.
Will LDO prices continue to rise?
The Relative Strength Index (RSI) is showing a sharp rise on the charts, indicating tremendous bullish sentiment in the market. Moreover, the average is on the verge of testing the overbought limit, highlighting significant buying pressure on the coin.
If the bulls push the price above the resistance level of $3.845, LDO price will regain momentum and get ready to test the upper resistance level of $4.150 soon. Additionally, if the bulls maintain the price at this level, Lido Dao token will attempt to test the $4.5 resistance level in the coming days.
Conversely, if the bears overwhelm the bulls, LDO price will lose momentum and fall to test the $3.60 support level. Moreover, if bears continue to dominate the market, they will move lower and prepare to test the lower support level of $3.229 by next week.