Lido DAO Shows Strength To Breakout; Will The Downtrend Line Be Invalidated?
15 October 2022 - 9:00AM
NEWSBTC
LDO price shows strength for the first time after post-merge. LDO
bounces from the downtrend, hoping to end its bearish run as the
price eyes a possible breakout from the downtrend line. The
price of LDO shows bullish signs as price trades below 50 and 200
Exponential Moving Averages (EMA) with good volume. The price
of Lido DAO (LDO) has been one of the best performances before the
“Ethereum Merge,” outperforming the market as the price rallied to
an all-time high of $3 against tether (USDT). Although the crypto
market faced a new drawback as Bitcoin (BTC) price dropped from a
region of $19,000 to $18,100 as the Consumer Price Index (CPI)
suggests an increase in inflation affecting the price of BTC
negatively with altcoins affected, with recovery from BTC altcoins
like Lido DAO showed some strength as the aim to begin a rally.
(Data from Binance) Related Reading: Quant (QNT) Holds Gains When
Top Cryptos Plummet Following BTC Lido DAO (LDO) Price Analysis On
The Weekly Chart Although the crypto market experienced a sharp
decline due to the CPI news, the market appeared to be manipulated
as Bitcoin’s (BTC) price dropped from $19,200 to $18,200 in hours.
The market quickly recovered as most altcoins began to show
strength, with LDO looking to breakout of its downtrend that has
made the price become crippled to rally. With the current rise in
the value of Bitcoin Dominance (BTC.D) after a long while, it is
still unclear how the current price bounce after the price decline
will be sustained. With BTC.D rising, most altcoins will suffer an
increased price decline when BTC retraces. Uptober has been a good
month for some altcoins, with many expecting such good moments for
LDO after the token returned to the ashes after “Ethereum Merge”
was successful. The price of LDO, after the rejection at $3, has
seen for of a downtrend than an uptrend as the price has retained
its bearish structure despite showing a little glimpse of price
bounce to $2.2 but the price face more sell-off as the price
declined to a region of $1 before bouncing off. Weekly
resistance for the price of LDO – $2.2. Weekly support for the
price of LDO – $1. Price Analysis Of LDO On The Daily (1D) Chart
The daily timeframe for the price of LDO looks good, showing
incredible strength as the price trades below the 50 Exponential
Moving Average (EMA), acting as resistance for the price of LDO.
LDO’s price currently trades at $1.3 as the price prepares to
breakout the descending triangle it has formed. A breakout to the
upside could signal a huge rally to the high of $2.2. Daily
resistance for the price of LDO – $2.2. Daily support for the price
of LDO – $1. Related Reading: Ethereum Price Pumps and Looks Ready
For Another Leg Higher Over $1,400 Featured Image From zipmex,
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