Yesterday, the price of LDO (1) increased by 12%. A surge of purchasing pressure is visible in the volume profile indicator. A breach below $1.50 constitutes the bullish thesis being refuted.
The current situation
The LDO price is strongly bullish right now. If current market circumstances hold, a further 40% surge is possible. To determine LDO’s likely future move, key thresholds have been established. LDO pricing has room to rise LDO price may be positioned for an encouraging rally in the upcoming weeks. LDO is one of the only cryptocurrencies to entirely diverge from the most recent crypto market sell-off caused by the Fed’s interest rate hike. Since November 2, the digital currency has increased by 12%.
On the 8-hour chart, the bulls have created a significant bullish engulfing into a prior support area, causing the LDO price to now auction around $1.66. An increase in volume that coincides with the bullish price action suggests that the uptrend will persist.
What’s to be expected?
The Relative Strength Index (2) has room to rise, and a positive cross between the indicator’s two moving averages can occur in the coming hours. Combining these elements, LDO has a chance of continuing its upward trend. The swing high ground $2 from September would be a crucial milestone to shoot for. The price of LDO could rise by 40% due to this action.
Bulls who the sidelines may be waiting for a signal to join the market to see a break and retest of the support zone between $1.60 and $1.65. Bullish invalidation is contingent upon the $1.50 push candle not being broken. A further slide toward the prior congestion zone at $1.35 might happen if the bears peg the low. The market value could decrease by 15% due to such a change.
