LDO (Lido DAO): Approaching Support
Trade setup: Price is in a downtrend, trading well below its 200-day MA. It again got rejected at a stiff resistance area of $2.60 horizontal resistance and 200-day Moving Average. Swing Traders: pullbacks near $1.50 support, which has held a few times this year, could be a swing trade entry with +25% upside potential back to $2.20. or even $2.60. Stop Loss (SL) at $1.37. This is a higher risk trade setup since the overall trend is down. Lido (LDO) is the largest DeFi platform and a leading ETH liquid staking platform (see our on-chain analytics and research report) .
Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. (concept known as polarity). Once price breaks below support, it can move lower to the next support level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum is Bearish but inflecting. MACD Line is still below MACD Signal Line but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing an upswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $1.50. Nearest Resistance Zone is $1.75, then $2.20.
Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. (concept known as polarity). Once price breaks below support, it can move lower to the next support level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum is Bearish but inflecting. MACD Line is still below MACD Signal Line but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing an upswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $1.50. Nearest Resistance Zone is $1.75, then $2.20.
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