The post Is Lido (LDO) Finally Ready for a Turnaround? Analyst Predicts Rise To $36 appeared on BitcoinEthereumNews.com.

Crypto analyst suggests Lido (LDO) might rally to targets of $8.8, $16.6, and even $36.9. Despite bearish trends, key metrics indicate a potential change in market direction for LDO. Lido [LDO] has been in a downtrend for the past year, with a 35% decline year-to-date. This bearish momentum has continued into shorter time frames, as LDO dropped by 3.3% in the last 24 hours, falling below the key psychological level of $1.  Currently, LDO is trading at $0.9919, marking a significant drop from its 24-hour high of $1.03. Despite this ongoing bearish performance, some analysts believe a potential turnaround is on the horizon. Bullish turnaround ahead for Lido A recent analysis by CryptoBullet on X suggests that LDO may be gearing up for a multi-month rally. According to the analyst, LDO’s weekly chart presents a “beautiful Leading Diagonal” pattern, indicating that this might be an opportune moment to buy the asset.  Source: CryptoBullet on X The analyst noted: “I like this chart. Beautiful Leading Diagonal. If you wanted to buy LDO this is the sweet spot to do it imo. i’m expecting a multi-month rally” CryptoBullet set forth three targets for the potential rally: $8.8, $16.6 (the main target), and $36.9 if the bullish momentum intensifies. While this outlook appears promising, it is worth delving  into LDO’s fundamental metrics to assess the likelihood of such a rally. Active addresses and open interest Examining LDO’s fundamentals provides insight into the asset’s current state. One critical metric is retail interest, reflected in the number of active addresses interacting with the network.  Data from Santiment reveals a consistent decline in LDO’s active addresses since peaking at over 7,500 in April. The latest figures show that this metric now sits at 4,211, representing nearly a 5% drop from the 5,000 active addresses recorded last…

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Filed under: News - @ September 16, 2024 10:27 am