FxWirePro- LDOUSD Daily Outlook

Lido DAO (LDO) price pulled back from highs but remains bid amid a dull session.

The LDO price witnessed a minor pullback from highs on Monday. However, the token remained bid amid a largely rangebound session. The price dropped below the critical support of $2.50 but quickly recovered.

Lido liquid staking protocol is an Ethereum 2.0 liquid staking protocol that solves these drawbacks. Users can deposit their ether in Lido smart contracts and receive stETH — a tokenized version of staked ether — in return.

Lido is a much more flexible solution than self-staking since it avoids freezing assets and maintaining a validator node.

The Lido DAO price showed a minor pullback after a massive sell-off.

Any daily close above $4.10 confirms further bullishness.

LDO price technical outlook

The price pulled back from highs but quickly recovered from the lower levels. It now faces resistance at $2.50, which capped the upside last week. A breakout above this level could lead to a rally towards $2.70 and then $3.

On the downside, support is seen at $2, which coincides with the 21-day Exponential Moving Average (EMA). A break below this level could lead to a decline towards $1.70 and then $1.40.

Overall, the LDO price is still bullish, and any dips could be seen as an opportunity to buy.

LDO price jumped more than 45% in the past two weeks. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $2.047 and is currently trading around $2.

The bullish invalidation can happen if the pair closes below $1.40.

On the lower side, the near-term support is $2. Any break below the target is $1.70/$1.40. Any violation below $1.40 target $0.90.

Immediate resistance is around $2.50. Any breach above confirms bullish continuation. A jump to $2.70/$3 is possible. A surge past $3 will take it to $4.

It is good to buy on dips around $2 with SL around $1.40 for TP of $4.