After displaying a bearish price action for the first two days of the week, the cryptocurrency market has recorded a strong bullish reversal in its chart following the conclusion of the ongoing Ethereum case against the Securities and Exchange Commission (SEC).
Following this, top Ethereum-based tokens have recorded a similar trend in their respective portfolios. However, Lido Dao price has recorded the highest gains by adding over 20% to its portfolio within the past 24 hours, making it the top gainer of the day in the list of top 100 cryptocurrencies.
LDO Coin Price On The Path Of Testing Its Important Resistance Level?
The Lido Dao crypto has displayed significant price volatility for about a month, following which the altcoin has successfully tested its important support level of $1.840. This has resulted in a strong bullish bounce back in its chart.
Notably, the LDO price has added 20.26% within the past day with a change of +35.65% in its trading volume.
With a trading price of $2.362, a circulating supply of 893,006,561 LDO tokens, and a total supply of 1,000,000,000 LDO tokens, the altcoin has successfully secured the 43rd spot in the global crypto market list with a capitalization of $2.107 Billion.
Lido Dao Market Sentiments:
The Simple Moving Average (SMA) constantly supports the LDO price chart in the 1D time frame, suggesting increased price action for the altcoin within the crypto space.
On the other hand, the technical indicator, MACD, displays a rising green histogram with its averages recording a bullish convergence. This highlights an increase in the buying-over-selling pressure for the Lido Dao token in the market.
Will LDO Price Go Back Up?
If the market continues to trade under a bullish sentiment, the LDO crypto will test its crucial resistance level of $2.625. Furthermore, if the bulls continue to dominate the market, the Lido Dao token will prepare to test its upper resistance level of $3.060 this month.
Conversely, if a bearish trend reversal occurs, the LDO coin will lose momentum and test its important support level of $1.840. Moreover, if the bulls fail to regain power at that level, the Lido token will head toward its crucial support level of $1.50 in the coming time.
Also Read : SEC Suspends its Investigation into Ethereum 2.0: Will This Be the Catalyst to Propell ETH Price to $4000?
