LDO (Lido) has a bullish pennant with an upside bias

However, if BTC can’t hold up, LDO will likely break down with it. We do expect BTC to hold up and try to push higher. 

TLDR

• Lido (LDO) shows overall bullish signs, but its fate is tied to BTC's performance.
• LDO forms a bullish pennant, though not perfectly clean, with an upside bias.
• A critical horizontal level at $1.79 needs to hold as support for further upside.
• Breaking the long-term downtrend line could target $2.30.
• RSI reset provides short-term potential, but LDO's performance depends on BTC's stability.

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 formed a bullish pennant; it is not very clean, but it still holds the main structure of one. These usually have a bias to break to the upside.

LDO is also battling at a really important horizontal level of $1.79. Ideally, to see further upside, you would want to see price continue to use the $1.79 horizontal level as support. A break below $1.79 could see price move back to the $1.61 area. 

LDO is also trying to press against the long-term downtrend line (thicker red line). If price can break out of the main downtrend line, then the upside target could be the $2.30 area.  

LDO 12-hour

RSI and funding rates

Following the price resetting from the $1.90s to the $1.70s, LDO’s RSI has been reset substantially. This could help LDO get further upside in the short term as long as BTC can hold up. 

There are no divergences to be aware of at the current time. 

Cryptonary’s take

The overall structure for LDO is bullish. However, if BTC cannot hold up, LDO will likely be dragged down and may reach the $1.60s. However, if BTC can hold up, we could see LDO try to break higher and test its horizontal resistance at $2.00. 

Action

• We like LDO for further upside as long as BTC can hold up.
• If LDO reaches the $1.60s again, this could represent a good long-term buying opportunity.