LDO: Approaching ResistanceTrade setup : Price is in a downtrend but had a bullish breakout from Descending Triangle . Now it’s approaching a stiff resistance area of $2.60 horizontal resistance and 200-day Moving Average. Price needs to break above that to resume its Uptrend. Lido (LDO) is the largest DeFi platform and a leading ETH liquid staking platform (see our on-chain analytics and research report).
Pattern : Price is Approaching Resistance , which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken. (concept known as polarity). Once price breaks above resistance, it can advance higher to the next resistance level. Learn to trade key levels in Lesson 7.
Trend : Short-term trend is Strong Up, Medium-term trend is Down and Long-term trend is Strong Down.
Momentum : Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance : Nearest Support Zone is $2.20, then $1.80. Nearest Resistance Zone is $4.00.
