Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Lido token maintained its strong uptrend on the higher timeframe charts.
- The $2.2 and $2.55 levels have been critical in the past two weeks, and bears have refused to yield $2.55-$2.7 so far.
Lido Finance [LDO] token has hovered beneath a key resistance level since mid-November. A whale transferred 500k tokens to Binance recently, sparking worries of a spike in selling pressure.
Lido also gained from the rising popularity of Blast, an upcoming layer 2 blockchain. The influx of ETH deposits could elevate Lido’s stake control over Ethereum.
With the technical analysis also pointing toward bullishness, should investors look to buy LDO in anticipation of another rally?
The $2.2 support has been resolutely defended in the past three weeks
Source: LDO/USDT on TradingView
The three-day chart showed an unceasing march northward for LDO since mid-October. The $2.55 resistance zone was not yet breached and has been a key level for the bears since April. The recent rejection took Lido prices back toward $2.2.
However, the market structure remained bullish and the RSI showed strong upward momentum on the higher timeframe chart. The On-Balance Volume (OBV) climbed higher in November to denote
The Fibonacci retracement and extension levels (pale yellow) highlighted that $1.91 and $1.71 could be important support levels should $2.2 fail in the coming weeks. On the other hand, a move past the local
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Author: Akashnath Sumukar
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