LDO price has the potential to take out September highs

LDO price has rallied 12% in the last 24 hours.
The volume profile indicator shows an influx of buying pressure.
Invalidation of the bullish thesis is a breach below $1.50.

LDO price shows significant bullish strength. If market conditions persist, an additional 40% rally could occur. Key levels have been defined to gauge LDO's next potential move.

LDO price has upside potential

LDO price could be setting up for a promising rally in the coming weeks. Since November 2, the digital currency has rallied 12%, making LDO one of the only cryptocurrencies to completely diverge from the recent Fed-hike-induced sell-off on the crypto market.

LDO price currently auctions at $1.66 as the bulls have established a large bullish engulfing into a previous support zone on the 8-hour chart. Accompanying the bullish price action is an influx of volume hinting that the uptrend will continue. The Relative Strength Index has space to climb, and the indicator's two moving averages may produce a bullish cross in the coming hours.

LDOUSDT 8-Hour Chart

Combining these factors, there is still potential for LDO to continue rallying higher. A key level to aim for would be the September swing highs near $2. Such a move would result in a 40% increase from the current LDO price. A break and retest of the support zone between the $1.60-$1.65 could be the signal that sidelined bulls are waiting for to enter the market.

Bullish invalidation depends on the thrust candle at $1.50 remaining unbreached. If the bears tag the low, an additional dip toward the previous congestion zone at $1.35 could occur. Such a move would result in a 15% decline from the current market value.

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.