Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
- The RSI headed to the overbought zone, making LDO bullish and ripe for reversal.
- Vital whale exercise may tip the size for bulls.
Lido [LDO] registered a powerful every day and weekly efficiency. Up to now 24 hours, it appreciated 15% and traded at $2.7 on the time of writing. On the weekly entrance, LDO rallied 14%, based on CoinMarketCap.
Nonetheless, at press time, the worth motion hit a key stiff resistance degree at $2.8, which may decelerate the uptrend or inflict a reversal ought to extra sellers lock features on the degree.
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Will the $2.8 impediment entice sellers?
Since mid-January, LDO has been fluctuating within the $2 – $3.2 vary. Towards the tip of March, LDO retested the $2 and noticed elevated demand at this degree.
A pullback retest noticed it clear the $2.229 and $2.5 obstacles. The robust rally is also attributed to a bullish Bitcoin [BTC], which made new highs prior to now few days.
At press time, BTC was constricted to $26.9K – $28.8K, which may delay LDO from overcoming the $2.8 barrier convincingly. As such, sellers may acquire market entry and sink the worth.
The instant short-selling targets can be $2.5, $2.3, and $2.2. An intensive downward stress may set LDO to retest the earlier assist of $2.
However, bulls may acquire extra leverage if there’s a convincing session shut above the $2.8 degree. Such an upswing, particularly if BTC breaks above its vary, may set LDO to retest the overhead resistance degree at $3.26.
On the time of writing, the RSI (Relative Power Index) was above 50, indicating a bullish LDO. However the RSI was inching nearer to the overbought zone, which may make it ripe for a value reversal. Equally, the OBV (On Stability Quantity) confirmed an uptick, indicating elevated demand for LDO prior to now two days.
LDO noticed vital whale exercise
There was vital whale exercise transacting above $1 million price of LDO on 4 April. Elevated upward stress on LDO’s value adopted, alongside a subsequent breach of the $2.5 resistance.
Equally, the imply coin age and provide outdoors exchanges elevated prior to now few days, reinforcing the extraordinary accumulation part.
Learn Lido [LDO] Worth Prediction 2023-24
At press time, there was one other whale exercise recorded. A have a look at on-chain metrics revealed the promoting stress was coming from the 100K – 1M LDO holders’ class as the remainder of the whales gathered.
In conclusion, the stiff resistance at $2.8 may gradual the uptrend, however vital whale exercise may enhance the surge if BTC reclaims the $29K. As such, traders ought to observe BTC value motion carefully.