Connect with us
Active Currencies 14355
Market Cap $2,778,360,604,626.50
Bitcoin Share 50.63%
24h Market Cap Change $9.01

Lido bounces from $2: What’s ahead?

2min Read

The $2 support level remained critical for Lido despite the ongoing clashes between the bulls and the bears. However, where will LDO head next?

Share this article

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

  • Defense of the $2 support level could propel Lido on another bullish rally.
  • A positive funding rate highlighted buying opportunities.

Lido’s [LDO] 9% gains over the past 24 hours saw the price bounce off the critical $2 support level. This brought the four-day bearish slide from the $2.46 resistance level to an end.

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

Despite the critical support level rebound, LDO isn’t in the all-clear yet. Bulls will need to sustain the buying pressure over the coming days or risk giving away precious price gains.

The $2 support level rescues bulls

Lido LDO price chart on dark background with red and green price bars

Source: LDO/USDT on Trading View

Lido has gone on two strong bullish moves over the last three weeks. The first move in the first week of July took it above the $2 resistance level at the time. Although a brief retracement and price consolidation reversed those gains, bulls weren’t deterred and another strong rally reclaimed the $2 level.

Again, the bears waited patiently for a price reversal at the next resistance level ($2.46). This led to 18.3% losses for Lido between 15 July and 18 July. However, the strong bullish defense at the $2 level prevented further losses.

The successful defense of the $2 level could herald another upward move. The Relative Strength Index (RSI) moved above the neutral 50 and the On Balance Volume (OBV) registered an uptick to hint at the possibility of significant short-term gains for buyers.

On the other hand, another pullback by Bitcoin under $30k could see LDO drop below $2. This will invalidate the bullish proposition and open the opportunity for sellers to drive the price toward the $1.76 support.

Positive funding rates highlighted longs advantage

Source: Coinglass

On-chain metrics from Coinglass showed a significant advantage for buyers. The positive funding rate over the past week highlighted the buying opportunities for longs.

How much are 1,10,100 LDOs worth today?

Similarly, longs held a greater portion of the open LDO contracts with 51.82% against 48.18% for shorts. This bodes well for bulls in the short term, as signs pointed toward bullish sentiment in the market.

Source: Coinglass


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.