The overall vibe is that LDO has had a massive run-up recently. But we think it's gotten a bit overextended and is due for a pullback soon before continuing higher.
We keep returning to the weekly timeframe– this vertical climb looks like LDO is building a tower without a strong base. 🏗 What goes straight up must come down, and all that.
Especially when the whole altcoin market is looking exhausted, look at the total market cap - we're at extreme highs up here! So, some heat coming off would be healthy.
Our main scenarios on LDO are:
LDO retraces back down to around $2.30-2.40 range. 📉
This would be healthy and let LDO "catch its breath" before making another push upwards.
Or an even deeper pullback below $2. 😮 But that could set up a better risk-reward for the next leg higher.
More importantly, we want to see how this weekly candle finishes cooking in 3 days. And whether $2.46 holds on further pullbacks. That'll tell us a lot about sustainability.
So overall - we remain bullish on this one long-term! However, some choppiness/consolidation will come first before we continue skyward!
Lido's still solid; she just needs a pit stop!
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