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

has not yet breached the $17k mark, but Lido’s native token has already rocketed higher. More gains can follow if an important level of resistance is beaten over the next day or two.Source: LDO/USDT on TradingView

During the price crash of November 2022, LDO fell from $1.85 to $0.93. The Fibonacci retracement levels were plotted based on this move. The token spent the majority of the past two months beneath the $1.18 level, but this changed over the past week. The start of January saw LDO consolidate at the $0.95 area, and had seen very little volatility toward the end of December.

In early January, trading volume saw a massive rise and there was intense buying pressure, as evidenced by the OBV. The RSI also shot above the neutral 50 mark to indicate bullish momentum. At press time, it was just beneath the overbought territory. Therefore, upward momentum was still powerful.LDO posted gains of 53.7% from the swing low on 1 January to the swing high at $1.45 on 4 January. The rally has reached a fair value gap left on the charts during the nosedive the price saw in November.

Once this inefficiency is filled, the prices will likely see a bearish lower timeframe reversal. The 61.8% Fibonacci retracement level also posed an additional layer of resistance.Coinglass data showed that Open Interest had been dormant toward the end of December. Market participants entered the fray in great numbers once the price spiked above $1 and continued higher.

The OI has climbed higher in the past two days. A signal that the bears are taking the upper hand would be a slump in the OI and a move below $1.24 for LDO. Instead, if the token can breach the $1.47 level, it is likely to climb to $1.64, the 78.6% retracement level, which sat beneath a bearish order block.Subscribe to get it daily in your inbox.

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Here’s how Convex Finance [CVX] plans to change its staking game in 2023Convex Finance announced changes to its staking rewards. CVX on-chain status was filled with ups and downs. As part of its 2023 reforms, Convex Finance [CVX] announced some changes to the way staking works on its protocol. In its 2 January Medium post, the Convex team noted that there were no notable changes to the […]
مصدر: CryptoAmb - 🏆 22. / 68 اقرأ أكثر »

Will CRV’s flat price action witness some bumps after Curve Finance’s impressive…Curve Finance witnessed steady weekly growth in the last month of 2022. Curve’s TVL, however, did not witness the same uptick as CRV also struggled to stay balanced. The price movement of Curve Finance [CRV] remained unchanged for the latter portion of December 2022. CRV didn’t particularly shine on the price charts as of 2022. […]
مصدر: CryptoAmb - 🏆 22. / 68 اقرأ أكثر »