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Top cryptocurrencies have displayed a positive start to the year as the industry has witnessed a jump of over 5% in its valuation within the past 24 hours. Further, the LDO price has jumped over 11%, making it one of the top gainers in the crypto space for the past day.
The Lido Dao price traded in a closed range between $2.151 and $2.468 for a brief period, following which the market lost momentum, resulting in the price breaking down its support level.
However, the bulls held the price above the support level of $1.974, after which the price traded sideways for a while. After multiple attempts, the bulls regained momentum and jumped approximately 15% in value.
Following this, the LDO coin price recorded significant price volatility, but the rally was short-lived as the LDO token faced rejection at $2.953. Since then, the price constantly traded in 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 within the range.
The technical indicator, MACD, displays a decline in the histogram, indicating an increase in the selling pressure in the market. Further, the averages show a bearish curve, highlighting a high possibility of a trend reversal soon.
Will LDO Coin Price Regain Value?
If the bulls hold the price above the support level of $2.971, the LDO price will regain momentum and prepare to test its resistance level of $3.159 during this week.
Moreover, if the market holds the price at that level, the Lido Dao token will attempt to test its upper resistance level of $3.5 in the coming time.
Negatively, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $2.825 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $2.640 in the coming time.
