Lido DAO price has surged by 15% in the last 24 hours, suggesting bullishness.
LDO daily trading volume has surged by 45% suggesting increased demand. Lido DAO (LDO) is showing impressive bullish energy at the moment, as the token has been displaying extreme strength in its recent price action. As per CMC data, currently LDO is trading at around $1.498 and has surpassed key resistance levels, and is forming a strong bullish trend that indicates further gains in the short run.
Another major bullish situation is the exponential moving average setup. The 50-day EMA at $0.997 is well below the current price, and it is moving up, and the 200-day EMA at $1.060 is also moving up. This positioning shows that the short-term and long-term trends are going in a bullish direction, and the set-up is ready to form a possible golden cross. This technical pattern is usually an indication of long-term bullish momentum and institutional buying interest when the 50-day EMA breaks above the 200-day EMA.
The LDO MACD indicator supports the bullish thesis by showing positive values and green histogram bars that are increasing in size, which means that the buying pressure is rising. This indicates that the current price rally has been backed by real market power as opposed to short-term speculative action. The trend of the momentum oscillator shows that buyers are entering at higher and higher prices, which means that they have faith in the further growth of LDO price.
What Next For Lido DAO Price?
Source: Tradingview
The Lido DAO RSI value of 76.30 puts the token in the overbought region, which is usually an indication of caution. Nevertheless, in powerful trending markets, assets may stay overbought for long durations as they keep moving upwards. The high RSI is to be watched out for to see whether it is diverging or not, but in the present bullish scenario, it indicates a lot of buying pressure and not a reversal signal.
Social sentiment analysis indicates that the market perception is improving, with a threshold reading of 0.10,8 indicating that the community engagement is shifting towards positive perception. This is the underlying backdrop that underpins the technical image is in optimistic moods tend to lead to long-term price trends.
In the upcoming sessions, LDO seems to be in a good position to test the $2.00 target level, which is about 34% upside at the current levels. The support level at $1.25 is a strong point of any possible retracement, and traders have a decent risk-to-reward ratio. The technical indicators, the better sentiment, and the EMA convergence indicate that the bullish trend of LDO has more potential to extend, which makes it an appealing opportunity for trend-following approaches.