Is Lido Dao Price On The Verge Of A Major Breakthrough?

The market continues to trade in the red as major cryptocurrencies fail to hold their price.  The LDO price traded in a consolidated range of $1.456 and $1.498 for about a week.

Following which the price displayed a massive price jumped from $1.456 to $1.732, a 19% rise within just two days. With this jump, the chart displayed a Golden Cross, but the price lost momentum and dipped by 10% in value.

The LDO price was then seen trading in a sideways of $1.549 and $1.620 for a while following this, the coin experienced another dip in value, forming a symmetric triangle in its chart.

Further, the Lido Dao coin has started moving sideways, forming a Bearish flag pattern within the triangle pattern, indicating a possibility of a negative influence over the price in the coming days. 

The MACD, on the other hand, displays a decline in its red histogram with a high possibility of a bullish convergence in its averages, giving us bull cycle possibility within the triangle for the LDO coin price.

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Will LDO Price Regain Value?

In conclusion, if the bulls manage to break out of the resistance level at $1.549, then the price will gain momentum to break the bearish flag pattern. Further, if the LDO bulls hold the price above that level, it will prepare to break out the symmetric triangle at around $1.57. 

Moreover, if the price manages to break out, it will gain massive bullish momentum, resulting in the price testing its upper resistance of $1.664 in the coming days.

On the flip side, if the market fails to gain momentum and continues to trade within the bearish flag pattern, it will lose momentum soon and test its support trendline of the triangle.

If the bulls fail to hold its price at that level, then the Lido Dao price will continue to dip and test its lower support level at $1.498.