The price of Lido DAO (LDO) has seen a sharp bounce in the past couple of days, and is now on the verge of reaching a fresh all-time high. Back in February 2023, the LDO price saw a double top formation (pointed out by the green circle) over the $3 mark, a pattern known for usually sparking reversals. This was followed by a swift fall in prices, thus validating the long-term $3 resistance zone and forming a long upper wick (denoted by the red icon).

At present, the value of LDO is fluctuating within the channel range of $2 and $3, as indicated by the daily RSI being beyond the 50 levels, gradually increasing (green icon). If the price surge continues, then the next zone of resistance will be at $4.12, a point created by the 1.61 external Fib retracement of the recent dip. However, if the momentum of the rally weakens eventually, LDO is likely to slip back to the $2 support area.

On viewing the technical analysis of the six-hour time frame, a bullish outlook can be assumed for LDO in April. This follows the breakout of a downward trending resistance line and its subsequent validation as support (green icon) coupled with the RSI breaking the 50 level.

But, the 0.618 Fib retracement resistance seems to be stopping LDO from rising further, despite the breakout. A move past it would confirm the trend being bullish, suggesting that a new all-time high could be achieved soon. In case of the value being rejected from the $2.80 zone, the rate of LDO might even dip to the low of its range at $2.

Summarizing, the prediction for LDO’s price in the near term is mostly a positive one, with a breakout of the $3 resistance area potentially leading to an upward surge towards $4.12. Failing this, the currency could retrace to bottom out at $2.



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