Over the past two weeks, the Lido DAO coin price traded sideways struggling to surpass the $2.175 resistance amid Bitcoin’s post-halving correction. The notable price swings in daily charts extending laterally indicate no clear dominance from buyers or sellers. However, this altcoin sitting at a crucial yearly support indicates the buyers have a better potential to retake trend control and initiate a fresh rally.

Also Read: Bitcoin and Altcoins Come Under Pressure Ahead of Fed’s Interest Rate Decision on May 1

Is Lido DAO Coin Price Ready to Hit $3?

Under the influence of a downsloping trendline, the Lido Dao coin has witnessed a steady correction in the last two months. This bearish turnaround plunged the altcoin from $3.64 to its current trading price of $2, accounting for a 43% loss.

An analysis of higher time frame charts shows the falling price found suitable support at the ascending support trendline active since June 2024. The dynamic support has been a crucial accumulation point for buyers indicating an established uptrend.

In a recent update from Santiment, a notable crypto analytics firm, liquid staking assets are reported to have seen a significant uptick over the weekend. Tracking 17 key assets within this sector, Santiment observed a collective market cap increase of +5.0%, signaling a resilient performance despite the broader market’s volatility. 

#LiquidStaking assets have benefited from a nice mini run this weekend. Of the 17 key assets that we track for this sector, the market caps have increased by a combined +5.0% despite choppy market conditions. $LDO (5.2%) and $RETH (+5.9%) lead the way. https://t.co/L6siGQre5o pic.twitter.com/VJDs7Yzl1t

— Santiment (@santimentfeed) April 28, 2024

Leading the charge were Lido DAO ($LDO), with a 5.2% rise, and Rocket Pool ETH ($RETH), which saw a 5.9% increase. This mini surge is a bright spot for staking enthusiasts, hinting at growing investor confidence in these assets.

If the demand pressure at the lower trendline is intact, the LDO price could break above $2.175 as an initial sign of reversal. However, the buyers would need to break out from the overhead trendline to build sufficient momentum to lead a rally beyond $3.

Also Read: Spot Bitcoin ETF Coming to Australia’s Stock Market by End of 2024

Technical Indicator 

BB Indicator: The squeezed range of the Bollinger Band indicator highlights volatility among investors and a lack of directional trends.
Relative Strength Index: A notable bullish daily RSI slope above the price indicates the increasing accumulation of the LDO coin at the aforementioned support.

The post Lido DAO Coin Price Return to Yearly Support Hints Best Dip Opportunity appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am