Lido Finance [LDO] can push higher on the charts if these conditions are met

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Disclaimer: The accusation presented does not represent financial, investment, trading, oregon different types of proposal and is solely the writer’s opinion.

  • If LDO tin breach the 61.8% retracement level, different 10% determination higher could follow.
  • The little timeframe momentum powerfully favored the bulls.

Tether Dominance receded somewhat successful the past fewer days to amusement that the buyers were consenting to commercialized their Tether [USDT] for crypto assets. This could beryllium a bull trap, arsenic the buying unit was not strong, and the higher timeframe bias for astir altcoins remained bearish.

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

Bitcoin [BTC] has not yet breached the $17k mark, but Lido’s autochthonal token has already rocketed higher. More gains tin travel if an important level of absorption is beaten implicit the adjacent time oregon two.

The just worth spread from aboriginal November has been filled, and LDO tin propulsion higher

Its raining profits for LDO holders arsenic  token gains 49% successful  4  days

Source: LDO/USDT connected TradingView

During the terms clang of November 2022, LDO fell from $1.85 to $0.93. The Fibonacci retracement levels were plotted based connected this move. The token spent the bulk of the past 2 months beneath the $1.18 level, but this changed implicit the past week. The commencement of January saw LDO consolidate astatine the $0.95 area, and had seen precise small volatility toward the extremity of December.

In aboriginal January, trading measurement saw a monolithic emergence and determination was aggravated buying pressure, arsenic evidenced by the OBV. The RSI besides changeable supra the neutral 50 people to bespeak bullish momentum. At property time, it was conscionable beneath the overbought territory. Therefore, upward momentum was inactive powerful.

How galore LDOs tin you get for $1?

LDO posted gains of 53.7% from the plaything debased connected 1 January to the plaything precocious astatine $1.45 connected 4 January. The rally has reached a just worth spread near connected the charts during the nosedive the terms saw successful November.

Once this inefficiency is filled, the prices volition apt spot a bearish little timeframe reversal. The 61.8% Fibonacci retracement level besides posed an further furniture of resistance.

Open Interest soars higher to corroborate superior entering the market

Coinglass information showed that Open Interest had been dormant toward the extremity of December. Market participants entered the fray successful large numbers erstwhile the terms spiked supra $1 and continued higher.

The OI has climbed higher successful the past 2 days. A awesome that the bears are taking the precocious manus would beryllium a slump successful the OI and a determination beneath $1.24 for LDO. Instead, if the token tin breach the $1.47 level, it is apt to ascent to $1.64, the 78.6% retracement level, which sat beneath a bearish bid block.

Akashnath is simply a Chemical Engineering postgraduate profoundly fascinated by Technical Analysis and the crypto markets and enjoys studying terms movements and trying to find patterns.

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