Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- LDO chalking a range formation below $2.
- Buying volumes and Open Interest rates declined.
Lido’s [LDO] ongoing short-term range formation could persist if Bitcoin [BTC] fluctuations above $30k continue. LDO has been oscillating between $2.0 – $1.8 since 21 June. So far, the range-high of $2 has inflicted three price rejections, setting LDO to retest lower short-term support.
Read Lido [LDO] Price Prediction 2023-24
Meanwhile, BTC cooled off from its last week rally, easing to $30.3k at the time of writing, down from the recent peak of $31.4k. The king coin’s move has set most altcoins into pullbacks.
A likely retest of $1.8?
The current short-term support zone of $1.77 – $1.82 (blue) was a key resistance zone during 10 – 20 June. However, LDO mounted above the zone, flipping it to support after BTC’s sharp rally to $31k last week.
But LDO’s rally has been curtailed at the $2 price – another support level in mid-May now turned into a roadblock. So far, LDO has faced three price rejections at the roadblock, leading to retracement. At the time of writing, price action hit the same obstacle and could drop LDO to $1.77 – $1.82.
A rebound from the $1.77 – $1.82 support zone could offer new buying opportunities, targeting the $2 hurdle. Besides, secondary buy signals could exist upon a breakout above $2 and rest on the same level. Such a move could target $
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Author: Suzuki Shillsalot
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