Lido [LDO] hit a key stiff resistance level, can shorting yield gains

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion The RSI headed to the overbought zone, making LDO bullish and ripe for reversal. Significant whale activity could tip the scale for bulls. Lido [LDO] registered an impressive daily and weekly performance. In the […]

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionSignificant whale activity could tip the scale for bulls.registered an impressive daily and weekly performance. In the past 24 hours, it appreciated 15% and traded at $2.7 at the time of writing. On the weekly front, LDO rallied 14%, according to CoinMarketCap.

Since mid-January, LDO has been fluctuating in the $2 – $3.2 range. Toward the end of March, LDO retested the $2 and saw increased demand at this level. At press time, BTC was constricted to $26.9K – $28.8K, which could delay LDO from overcoming the $2.8 barrier convincingly. As such, sellers could gain market entry and sink the value.

On the other hand, bulls could gain more leverage if there is a convincing session close above the $2.8 level. Such an upswing, especially if BTC breaks above its range, could set LDO to retest the overhead resistance level at $3.26.

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