Lido DAO has shown no sign of weakness despite the ongoing correction across the crypto market. The price continues to increase by the day.

During the 2022 bear cycle, Lido DAO established solid support at $0.44 and $0.88, respectively, before starting to show signs of strength that led to this year’s positive rally.

Taking advantage of this week’s indecisiveness, the price continued to rise while some altcoins lost some chunk of dollars over the past hours. The price has slightly retraced down today – looking for support on the lower timeframe.

LDO keeps pushing strong to close the month in a bullish mode to preserve the 100% gains registered over the past 30 days. So far, the price has tripled since the start of the year.

Heavy buying pressure should be expected as soon as trading volume increases. Last August’s high remains a crucial level for a retest. 

A noticeable drawdown from that area could generate small sell pressure – it will become severe if the price slips beneath last week’s support. 

Meanwhile, the asset has been witnessing a serious volatility contraction from $1.8, indicating signs of accumulation. That could trigger a big expansion in a short period.

It looks extremely bullish on the weekly outlook as the price breaks out of the structure. The price is still up by 7% in a week despite the latest reduction.

An expansion above the previous resistance of $3.34 should trigger a quick rally to $3.5, followed by $3, marked as May 2022 high. A push above it could put the price significantly towards $4.2 

While the $3.1 level – last August’s high – remains a retest point, the immediate support levels to keep an eye on are $2.84 and $2.64 in case of heavy drops. The lower support levels to consider are $2.3 and $1.85, where the price surged through in January.

Key Resistance Levels: $3.5, $3.9, $4.2

Key Support Levels: $3.1, $2.84, $2.64

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: rlapicki/123RF // Image Effects by Colorcinch

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