The Lido DAO (LDO) price is trading at $3.42 as of 2:00 am EST, up 1.62% over the last 24 hours. LDO has rallied 7.34% on the week and 30% year-to-date. Its market capitalization stands at $3.08 trillion, making it the 45th most valuable cryptocurrency, according to the CoinMarketCap ranking.
LDO’s price has been consolidating within a symmetrical triangle over the last couple of months. The price has overcome key hurdles, suggesting a breakout could happen soon.
LDO price appears ready for a 14% uptick
Since Jan. 11, the LDO price has recorded a series of lower highs and higher lows. This has led to the appearance of a symmetrical triangle on the daily chart. The relative strength index’s (RSI) position at 55, close to the mid-line, points to reducing volatility with the buying and the selling pressure almost balancing out.
This is also validated by the flattening out of the exponential moving averages, suggesting that buyers and sellers are also balancing out. This means that the Lido DAO price could move in either direction.
If LDO moves in favor of the bulls, it will rise from the current levels, with the first line of resistance emerging from $3.6. An additional hurdle will be found at the local high close to $3.8 before the price rises to reach the optimistic target of the governing chart pattern at $3.924. This would bring the total gains to 14%.
TradingView chart: LDO/USD
Conversely, LDO will move in favor of the bears if it drops from the current levels to produce a daily candlestick close below the 20-day EMA at $3.325 toward the triangle’s support line at $3.19, embraced by the 50-day EMA.
Lower than that, support will emerge from the 100-day EMA at $2.95 before the price drops further to tag the bearish target of the symmetrical triangle at $2.77. Such a move would result in a 20% drop in the current levels.