Lido Finance LDO price ready to growth again ?Previously, Lido Finance ranked a net second in terms of pledged capital, behind only MakerDAO
Today, we can say that Curve Finance has caught up with Lido Finance in terms of TVL, which hovers around $6 billion.
By the way, exactly a month ago we made an idea for CRVUSDT and now, in our opinion, the price is just in the purchase zone:
The Lido team scratched their heads and yesterday released two positive tweets about the changes:
1. Since October 7, they have provided users with the ability to connect a wrapped stETH token - wstETH - to the Arbitrum and Optimism networks for liquid staking. It is assumed that this version of the asset will facilitate its use in various DeFi protocols.
2. Lido Finance also announced the allocation of 150,000 LDO per month as rewards for the use of wstETH across all networks. This is done in order to stimulate the mining of liquidity of the reversible token in each of the DeFi partners like Balancer, Curve Finance and Kyber Network.
In turn, the LDOUSDT price forms a descending wedge pattern on the chart. This pattern usually serves as a continuation of the growth trend, which, as can be seen from the chart, has been going on since June 2022 from the price of $0.40 per LDO.
Based on the above, we get a good entry point to try a medium-term trade on the following conditions:
Enter long position $1.44-1.48
Stop loss below $1.285 (-12%)
Take profit $2.205 (+51%)
Profit loss ratio 4/1
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LDOUSDT
LDOUSDT-1DLDO has formed a triangle and right now it is on the triangle wedge and could break up. If it breaks the 1,438 support, it could start a downtrend which I don't believe will happen. A strong technical indicator is the RSI which is a momentum oscillator which measures overbought or oversold stress; in this case it is extremely oversold, indicating the sellers' exhaustion.
BRL 1,691
R-$2.010
BRL 2,836
S-$1,361
S-$0.792
LDOUSDT Repeating April's bearish fractal unless this breaks.LIDO DAO (LDOUSDT) broke above its 1D MA50 (blue trend-line) today as so far the correction since the August 13 High was contained inside the green Ichimoku Cloud. This isn't yet the time to be bullish, as the same Cloud provided support from April 18 to April 28 and despite breaking again above the 1D MA50, the rebound was short-lived as it failed to cross above the 0.5 Fibonacci retracement level.
See how both the 1D RSI and MACD sequences are identical. As a result, it may be in your best interest not to be bullish again before the 0.5 Fib breaks (2.3300). If it does, we can target the 3.10 Resistance and -0.5 Fib in succession. If not, expect more selling towards the 1.5 Fib as in May.
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LDO, all done or more to go?Couple ways to count this, but I think its probably a tradable top is in and a potential retrace could be on its way. So watching for a corrective style retrace here for a bit more confirmation, but if this is an expanded flat, could be a swift move down. If its a running flat, the high should be taken out with a swiftness. Keeping an eye on these levels as well for confluence. Cheers! If helpful, throw a boost or a follow!