LDO Technical Analysis
Analyzing the LDO chart on a daily timeframe, we see that the descending channel structure is still valid. The price of the coin has recently moved towards the upper border of the channel, yet it has failed to break out of it, leading to a pullback. This indicates that the channel pattern is strong and still works well.
LDO is currently trading around the level $1.26. Support and resistance levels should be watched closely as long as the price keeps trading inside the descending channel.
- The first support area is the zone between the levels $1.13 and $1.07 – a crucial defense line as it intersects both horizontal support and the mid-line of the channel.
- Below this key support area, we should be following other lower supports at $0.91 and $0.79.
According to a bullish scenario, the price moving above $1.31 means testing the upper border of the channel; however, the price needs to see closings above the area $1.53–$1.61 for actual confirmation of the breakout. Holding above this area, the falling channel will have technically broken to the upside and the price could surge to the level $1.90. The ultimate target of the breakout of the channel would be $4.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
