Lido Dao (LDO) Price Prediction: Will This Ethereum-Based Token Go Back Up?

After displaying a bearish price action for the first two days of the week, the cryptocurrency market has recorded a strong bullish reversal in its chart

After displaying bearish price action at the beginning of the week, the cryptocurrency market has now recorded a strong bullish reversal in its chart following the conclusion of the ongoing Ethereum case against the Securities and Exchange Commission (SEC).

Top Ethereum-based tokens have recorded a similar trend in their respective portfolios. However, Lido Dao price has recorded the highest gains by adding over 20% to its portfolio within the past 24 hours, making it the top gainer of the day in the list of top 100 cryptocurrencies.

LDO Coin Price Up 20%—Will It Test Its Crucial Resistance Level?

The Lido Dao crypto has displayed immense price volatility for about a month, following which the altcoin has successfully tested its important support level of $1.840. This has resulted in a strong bullish bounce back in its chart.

Notably, the LDO price has added 20.26% within the past day with a change of +35.65% in its trading volume.

At a trading price of $2.362, a circulating supply of 893,006,561 LDO tokens, and a total supply of 1,000,000,000 LDO tokens, the altcoin has successfully secured the 43rd spot in the global crypto market list with a capitalization of $2.107 Billion.

Lido Dao Market Sentiments: A Closer Look

The Simple Moving Average (SMA) constantly supports the LDO price chart in the 1D time frame, suggesting a bullish price action for the altcoin within the crypto space.

On the other hand, the technical indicator, MACD, displays a rising green histogram with its averages recording a bullish convergence. This highlights an increase in the buying-over-selling pressure for the Lido Dao token in the market.

If the market continues to trade under a bullish sentiment, the LDO crypto will test its crucial resistance level of $2.625. Furthermore, if the bulls continue to dominate the market, the Lido Dao token will prepare to test its upper resistance level of $3.060 this month.

Conversely, if a bearish trend reversal occurs, the LDO coin will lose momentum and test its important support level of $1.840. Moreover, if the bulls fail to regain power at that level, the Lido token will head toward its crucial support level of $1.50 in the coming time.

News source：https://www.kdj.com/cryptocurrencies-news/articles/lido-dao-ldo-price-prediction-ethereumbased-token.html

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