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Lido reclaims $2, more gains ahead?

Press Releases Crypto News AMB-Crypto Lido reclaims $2, more gains ahead?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bullish charge took Lido above $2.
CMF highlighted the strong capital inflows.

Bitcoin [BTC] easing off from the $31k price zone was reflected in minor dips for altcoins. Lido’s [LDO] bullish rally saw it climb above the $2 price level before the latest pullback.

Read Lido’s [LDO] Price Prediction 2023-24

With LDO trading at $2.16, as of press time, bulls will be hoping to keep price above $2 to continue its upward trend and possibly flip Lido bullish with a break of the $2.46 resistance level.

Bulls finally reclaim $2

Source: LDO/USDT on Trading View

The $2.46 resistance level has acted as a major deterrent to bullish gains after it was flipped from support to resistance in mid-April. Price has suffered two significant rejections at the level in mid-May and early June.

With the market’s bullish sentiment spurring buyers, Lido rallied from the $1.76 support level to break above $2 on 1 July. Furthermore, bulls advanced quickly to register 9.4% gains from the $2 support before the recent pullback.

The pullback could offer a retest of the $2 support level, presenting new buying opportunities for bulls with the $2.46 level in sight. On the flip side, a drop below $2 will invalidate the bullish proposition, especially if BTC can’t hold on to $30k.

The eased buying pressure occasioned by Bitcoin’s pullback saw the Relative Strength Indicator (RSI) drop out of the overbought zone. However, it remained above the neutral 50, with a reading of 61 to denote the active presence of buyers.

The Chaikin Money Flow (CMF) was even m

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Author: Suzuki Shillsalot

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