the Change of Character (CHOCH) above the $2.0 mark, possible?
After peaking at $4 in the second week of January 2024, the LDO has consistently declined below over the last seven months. It had lost its value by more than 70% from the swing high of $4.043. This displayed a strong bearish behavior in the token price and sellers' dominance, which led to its 2023 demand zone.
The following deteriorating behavior of the token has led to the formation of a falling wedge pattern. In order to see a reversal in price, the LDO token price will need to break above the wedge pattern with strong momentum or the Change of Character (CHOCH) above the $2.0 mark.
Following the recent surge, the 20-day EMA has been pierced, but 50-day and 200-day EMA hurdles still loom. A glance at the chart showed that the price of LDO traded in a death cross since the second quarter of 2024.
At press, other indicators are bullish with recent charge optimism. The MACD had a bullish cross, and the RSI had pierced the median line at 55.04.
Based on further continuation in bullishness, the resistance levels of $2.0 and $2.7 must need to be monitored. On the contrary, if the price fails to rise more, then the $1.0 mark needs strong protection by the bulls.
The following deteriorating behavior of the token has led to the formation of a falling wedge pattern. In order to see a reversal in price, the LDO token price will need to break above the wedge pattern with strong momentum or the Change of Character (CHOCH) above the $2.0 mark.
Following the recent surge, the 20-day EMA has been pierced, but 50-day and 200-day EMA hurdles still loom. A glance at the chart showed that the price of LDO traded in a death cross since the second quarter of 2024.
At press, other indicators are bullish with recent charge optimism. The MACD had a bullish cross, and the RSI had pierced the median line at 55.04.
Based on further continuation in bullishness, the resistance levels of $2.0 and $2.7 must need to be monitored. On the contrary, if the price fails to rise more, then the $1.0 mark needs strong protection by the bulls.
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