LDO Price Hovers Near The $2 Mark: Can Bulls Resist Selloff Ahead?

• 1 The Lido DAO price failed to hold the 20-day EMA mark and slipped below the $2 mark yesterday.
• 2 The token has made a double bottom formation on the charts.

The Lido DAO token price struggles to hold the $2 mark and has made a long-legged doji candlestick in yesterday’s trading sessions. This candlestick reversal pattern showcased the buyers’ accumulation.

Moreover, the LDO token has made a double bottom formation around the $1.70 mark and has the potential for a massive rebound in the following sessions. 

Once the LDO token price surpasses the $2.60 mark, it could rally toward the $4 mark soon. Conversely, the correction might be seen ahead if any selloff triggers below $1.50.

The ongoing price action guides positive sentiment among investors, and the token will likely extend its leg beyond the $3 mark soon.

At press time, the Lido DAO price traded at $1.90 with an intraday drop of 4.78%, reflecting neutrality on the charts. It has a monthly return ratio of 12.30% and 16.20% yearly, reflecting short-term bounce.

The pair of LDO/BTC is at 0.0000302 BTC, and the market cap is $121.59 Million. Analysts are neutral and suggest that the LDO price may deliver a sharp spike beyond the $2.60 mark.

Could Buyers Uplift the LDO Price Beyond Sellers Vision?

Recently, the LDO token price reverted from its demand zone of $1.50 and displayed bullish cues. Afterward, the buyers took control and showcased their domination. Meanwhile, buyers are struggling to overtake the $2 mark and have faced rejection this week.

The price action signifies investors’ interest and buying activity, which fueled the rebound from the $1.50 mark. Last week, the token glimpsed a pullback of over 25% and guided a positive outlook.

However, the token has yet to sustain itself above the 20-day EMA mark, causing a lack of bullish momentum.

Source: Santiment

Its trading volume rose over 70.59% to $253.08 Million, and it was ranked at 59 with a total supply value of 1 billion. 

The Momentum Oscillators are guiding their bullish projections. The RSI curve stays close to the midline region and displays a positive crossover. Similarly, the MACD indicator showcased a bullish crossover and plotted green bars on the histogram.

A tweet by @VIKTOR on X highlighted that LDO Jeets is out after months of underperformance and looks relatively better, guiding a bullish outlook for the upcoming sessions.

$LDO :

– One of strongest coins past 7 days
– It does have some sort of narrative
– Almost fully diluted
– Relatively small market cap
– Jeets out after months of underperformance (?)

I am still long $LDO pic.twitter.com/166HZQncNe

— VIKTOR (@thedefivillain) June 17, 2024

Source: X

Price Volatility and Weighted Sentiment Data Outlook

Its weighted sentiment data highlights a slight weak confidence among the investors and 

Source: Santiment 

The Price volatility witnessed an intense spike and surged over 32% to 0.039, reflecting the investors’ speculation.

What Do Social Metrics Guides Suggest?

The social dominance data revealed a severe drop and dragged to the lower trajectory mark, showing the decremental movement of the users on social media platforms.

Similarly, the Twitter followers data highlights no major changes and stayed in a range close to -246.

Source: Santiment

The development activity data highlights a consistent surge that fueled the price rise in the last trading sessions.

Futures OI Data Reflects Short Covering 

The future OI data reveals that sellers have not looked quite confident and started covering their short positions.

Source: CoinGlass

The open interest data highlights a drop of over 3.01% to $110.47 Million in the last 24 hours, revealing the decline.

The immediate support levels for the Lido DAO token are $1.80 and $1.73, whereas the key upside hurdle is around $2.40, followed by $2.80

Conclusion

The Lido token price is eyeing to surpass the 20-day EMA mark and is facing a lack of momentum in the past sessions. The trend is neutral, and the token might replicate the bounce ahead.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.