Lido shows signs of rebound: Can LDO pass $2.40, hit new highs?
The post Lido shows signs of rebound: Can LDO pass $2.40, hit new highs? appeared on BitcoinEthereumNews.com.
LDO’s price showed signs of a potential rebound as it tested the lower boundary of its parallel channel. More than half of active addresses holding Lido DAO tokens reported being “Out of the Money.” Lido DAO [LDO] showed potential for a rebound as it interacted with the lower boundary of its trading channel. The TD Sequential indicator provided a buy signal on the 12-hour chart when LDO approached $1.60 hinting at a possible uptrend. Historically, LDO has touched the support level at $1.52, leading to price recoveries. However, the price failed to break through the resistance level at $2.10 during its last few attempts at the $1.80 — $1.90 zone, indicating a consolidation phase within the channel. Source: X If the buying momentum sustains and Lido breaks above $1.70, it could aim for the upper channel boundary at $2.40. This would spark a move to new highs. Conversely, failure to hold current support might see LDO testing lower support levels, potentially down to $1.3400. The future trajectory for LDO hinges on its ability to maintain above the mentioned support, coupled with sentiment and volume changes. A successful rebound could affirm the bullish outlook, while a break below could signal a prolonged downtrend, challenging the current market structure. Breaking down the transaction count Further analysis showed a rise in the number of transactions for LDO, reaching a peak of 2.83k transactions by early February 2025, correlating with an increase in price to $1.87. This period of heightened transaction activity suggested growing interest or trading volume, which can positively impact LDO. During late December and early January, transaction volumes consistently surpassed the 1.61k average. This aligned with the price of Lido, which appeared to stabilize and even increase slightly during these spikes in transactions. Source: IntoTheBlock If this trend of increasing transactions…
Filed under: News - @ February 12, 2025 3:15 am