LDO prices are soaring. LDO prices are expected to surge by 30% in June this year?
Cryptocurrency markets have staged a strong bullish reversal following two days of bearish moves following the conclusion of Ethereum’s lawsuit against the U.S. Securities and Exchange Commission (SEC). Amid this market reversal, LDO’s price gains have been particularly significant, becoming the day’s top gainer among the top 100 cryptocurrencies, with its portfolio increasing by more than 20% in the past 24 hours.
LDO Coin Price Tests Important Resistance Level
The price of the LDO cryptocurrency has been volatile in the past month. The coin witnessed a strong bullish rally after successfully testing the important support level at $1.840. Notably, LDO price increased by 20.26% in the past day, and the trading volume changed by +35.65%.
Currently, LDO is trading at $2.362, with a circulating supply of 893,006,561 LDO tokens and a total supply of 1,000,000,000 LDO tokens. It has successfully ranked 43rd on the global cryptocurrency market list, with a market capitalization of $2.107 billion.
The simple moving average (SMA) continues to support the LDO price chart on the 1D time frame, showing an upward trend in the altcoin price action within the cryptocurrency space. Meanwhile, the green histogram shown by the technical indicator MACD is trending upward and its average shows bullish convergence, indicating that buying pressure exceeds selling pressure on the Lido Dao token in the market.
Outlook for LDO price recovery
If the market continues to trade on bullish sentiment, LDO is expected to test its key resistance at $2.625. Furthermore, LDO may even test its upper resistance at $3.060 this month if bulls continue to dominate the market. However, if there is a bearish trend reversal, the LDO token may lose momentum and retest its important support level at $1.840. If the bulls fail to regain strength at this level, Lido token may head towards its key support at $1.50 in the coming period.
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