The post Lido DAO (LDO) Token Price: Breaks Out of Falling Wedge Pattern with $2.70 Target appeared on BitcoinEthereumNews.com.

TLDR: Lido DAO (LDO) shows a bullish breakout from a falling wedge pattern, with key support at $1.88 and resistance at $2.40 The token recovered 50% after pulling back to $1.40, with next critical threshold at $2.70 LDO’s market cap stands at 1.28 billion USD with 35 billion USD Total Value Locked across DeFi platforms Open Interest has increased during the recent price recovery, suggesting growing trader participation Key price targets identified at $3.574 and $4.632 if bullish momentum continues Lido DAO’s native token (LDO) has broken out of a falling wedge pattern, marking a notable shift in its price movement. The token, which recently bounced from a $1.40 support level, has shown increasing strength in both price action and market metrics. The weekly chart reveals a falling wedge pattern, a formation that often precedes upward price movements. This pattern emerged after a period of declining prices, where the range of price movement gradually narrowed. The breakout from this pattern came with increased trading volume, lending credibility to the move. A key support level has formed at $1.88, which matches the 78.6% Fibonacci retracement level. This price point has proven important for LDO, acting as a foundation for its recent upward movements. After establishing this support, the token pushed toward the $2.40 resistance area. Lido DAOLDO Price The price action showed resilience when LDO experienced a pullback to $1.40. Rather than continuing downward, the token staged a 50% recovery, demonstrating buying pressure at lower levels. This recovery has brought attention to the next important price level at $2.70, which traders are watching closely. Market data shows LDO currently holds a market capitalization of 1.28 billion USD. This places it as an active participant in the decentralized finance (DeFi) ecosystem, where it contributes to a Total Value Locked (TVL) of 35…

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Filed under: News - @ January 6, 2025 10:26 am