The post Will Lido DAO (LDO) bull run continue appeared on BitcoinEthereumNews.com.

As of June 21, 2024, Lido has experienced a surge of 20.57% in the past seven days. However, the likelihood of continued upward movement seems limited. The primary factor is its proximity to a historical resistance level at $2.30 on the daily timeframe. This resistance level has historically posed a significant barrier, and without a decisive breakout above $2.30 and, subsequently, $2.40, sustained upward momentum remains doubtful. Technical Indicators Resistance and Support Levels Current resistance: $2.30 Additional resistance: $2.40 Support level: $2.00 TradingView Relative Strength Index The current RSI is approaching the historical resistance level of 60. This suggests that the price is entering overbought territory, which could limit further gains. Fibonacci Retracement If Lido fails to break through $2.30 and $2.40, a drop to the Fibonacci retracement levels between $1.997 and $2.016 (golden pocket) is likely. TradingView Network Value to Transactions Signal The NVT signal is a key metric for evaluating Lido’s valuation. An NVT signal above 55 indicates overvaluation, while a signal below 25 suggests undervaluation. As of June 21, 2024, Lido’s NVT stands at 44, up from 35 a week ago, indicating it is currently fairly valued. The NVT ratio peaked at 79.5 in March, which demonstrates the potential for an upside, but current market conditions and historical performance suggest otherwise. Glassnode Historically, the period from June to September tends to be slow for the cryptocurrency market, with an average return of 1.45%. Given that Lido’s performance often correlates with Bitcoin and especially Ethereum, major movements in these cryptocurrencies could impact Lido’s price trajectory. Bitcoin and Ethereum Trends: If Bitcoin and Ethereum experience downturns, Lido is likely to follow suit. Ethereum Staking: As a staking platform for Ethereum, Lido’s performance is closely tied to Ethereum’s market movements. Strategy Considering the current market analysis, it is advisable to…

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Filed under: News - @ June 22, 2024 5:22 pm