The digital asset Lido DAO (LDO) has recently seen a strong surge over the past two weeks, quickly recovering after a breakdown at the beginning of April. Currently the asset is attempting to break out from a descending resistance line that's been in place since March with hopes of reaching a new all-time high on Binance Exchange. Technical indicators, such as the daily Relative Strength Index (RSI) which have moved above 50, are supporting this bullish prediction. Additionally, the asset has reclaimed $1.80 support area after previously deviating below it. This level is substantial, as it is the 0.618 Fib retracement support level. The increase also resembles a descending wedge, a pattern that typically leads to a breakout. If a daily close above the line is successful, the next resistance level will be $2.80. Nevertheless, if the asset is rejected, it could potentially fall down to the support line at $1.50, although this would not invalidate the wedge and a future breakout could still take place. As of now, the overall sentiment surrounding Lido DAO is optimistic, with hopes of achieving higher price points.
Lucas Martin
- 2023-05-20
Can Lido DAO Reach New All-Time Highs on Binance?
Learn about the digital asset Lido DAO and its technical indicators such as the Relative Strength Index that point towards a bullish market surge.
![CandleFocus LidoDAO-Binance-TechnicalIndicators-DigitalAsset-RSI](https://images.candlefocus.com/Can-Lido-DAO-Reach-New-All-Time-Highs-on-Binance.jpg)