Major cryptocurrencies have had a positive start to the year, with the sector seeing a more than 5% rise in valuation over the past 24 hours. Additionally, LDO price surged by over 11%, making it one of the top gainers in the crypto space over the past day.
Lido Dao price traded in a closed range between $2.151 and $2.468 for a brief period, after which the market lost momentum, resulting in the price breaking its support level.
However, the bulls held the price above the $1.974 support level after which the price moved sideways for some time. After several attempts, the bulls regained momentum and jumped about 15% in value.
Following this, the LDO token price saw significant volatility, but the rally was short-lived as the LDO token was rejected at $2.953. Since then, the price has consistently traded within a consolidated range between $2.640 and $2.971.
Recently, the price managed to break out of the range, but the bulls lost momentum at the resistance level of $3.159, after which the price faced a pullback into the range.
The technical indicator, MACD, is showing a decline in the histogram, indicating an increase in selling pressure in the market. Additionally, the averages show a bearish curve, highlighting a strong possibility of a trend reversal soon.
Will LDO coin price regain value?
If the bulls sustain the price above the $2.971 support level, LDO price will regain momentum and prepare to test its $3.159 resistance level during this week.
Moreover, if the market maintains the price at this level, the Lido Dao token will attempt to test its upper resistance level of $3.5 in the coming times.
Negatively, if the bears overpower the bulls, the price would lose momentum and fall to test its $2.825 support level soon. Moreover, if the bears continue to dominate the market, the market will dive and prepare to test its lower support level of $2,640 in the coming times.