LDO at a price launchpad: Will this trigger a rally to remember?

TLDR

• LDO is at a crucial juncture, with a potential breakout above the $2.00 resistance hinting at a significant upswing to the $2.60 area.
• It has exited a wedge pattern, indicating a bullish trend if the $1.90 support holds firm.
• RSI levels are indicating that LDO is not yet overbought, suggesting room for upward movement.
• We like LDO for more upside in the short term and recommend dollar-cost averaging (DCA) at current levels for long-term gains.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.

Technical analysis

LDO has broken out of its wedge-like pattern and is now battling at its horizontal resistance of $2.00. A break above $2.00 could see LDO move into the $2.60 area. 

If LDO does pull back slightly, the $1.90 area must hold as this means the upper border of the wedge acts as a support for price, and this could help to lift LDO higher from there. A break below $1.79 must be avoided, or it could turn ugly.  

LDO 3D

Mechanics

Currently, the RSI is far from overbought for LDO on the 3D timeframe and isn’t yet into overbought territory on the daily. To us, this is a positive sign that LDO could go higher, and therefore, we do feel LDO is open for more upside here. 

Cryptonary’s take

In the short term, if LDO can convincingly get above $2.00, we feel this could open the door for a move up to $2.60.

We also like LDO for the long-term, with current levels being good prices for DCA’ing into. If the price does break lower, we would DCA more aggressively.