Lido: Assessing whether a buying opportunity is feasible at $1.50
Lido's pullback to $1.50 could present present buying opportunities if BTC doesn't post more losses.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- LDO was headed to a previous support and bullish order block (OB) at $1.50.
- Several buy-limit orders were placed below $1.50 at press time on Binance Exchange.
Lido’s [LDO] retracement could provide buying opportunities if sellers exit at the immediate bearish target and support at $1.50. Sellers tucked +9% shorting gains based on LDO’s press time value of $1.52 after depreciating the altcoin from the recent high of $1.68.
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However, the bullish zone at $1.50 could attract buyers, forcing sellers to step aside. A previous AMBCrypto price analysis correctly projected extra gains for Lido after a bullish defense of $1.50. Will the trend repeat?
Will buying Lido yield gains at this support?
Although Lido recorded two deviations below $1.50 in October, the level has been a key support since September. At press time, LDO was headed to the above support level.
Besides, the level was aligned with a H12 bullish OB of $1.48 – $1.52 (cyan). So, the area could be a solid demand zone, and a bullish reversal was likely at the level.
If so, a hit on the bullish target of $1.6 could present +6% gains to players who scooped the altcoin at the $1.50 area. The $1.6 bullish target was a H12 bearish OB (white) and was a key overhead hurdle.
The downsloping RSI and OBV indicated that selling pressure intensified as demand dropped amidst price retracement. So, the pullback could hit the $1.50 level.
Considerable buy limit orders placed below $1.50
According to Mobchart, a real-time order book analysis platform, considerable buy limit orders were placed at $1.50 and below, marking the area as a demand zone. But there were more bullish bets at $1.40.
How much are 1,10,100 LDOs worth today?
On the sell side, $1.69 had significant sell limit orders placed on the Binance Exchange platform at press time.
It meant some players expected a rebound to the level, making the $1.6 bullish target conservative. However, traders should track BTC price action for optimized set-ups and risk mitigation.
