Lido Dao price favors a 30% uptick, with LDO to print $3 on the quote board

Lido Dao sees bulls pushing price action higher.
LDO is breaking a crucial, pivotal level that will unlock more gains in the coming days.
Expect to see a razor-blade sharp rally towards $3.

Lido Dao (LDO) price is enjoying a domino effect in tailwinds that originated after the tech earnings from Alphabet on Tuesday, after the closing bell. With advertising revenue still growing, markets are starting to second-guess their fears of a possible recession. The equity tailwind has spun over into the major cryptocurrencies, with Bitcoin surpassing $30,000 and dragging along altcoins with it.

Lido Dao price to break key pivotal level

Lido Dao price is surging higher as a positive equity tailwind is playing into cryptocurrencies and alt currencies as well. The tailwind emerged late on Tuesday night after the closing bell as Alphabet earnings revealed that companies are not cutting back on their advertisement spending. When a recession is nearby, companies start cutting costs, with advertisement spending often being the first and biggest on the chopping block.

LDO has been breaking above $2.20 almost simultaneously as Bitcoin price was breaking above $30,000. Expect to see continuation into next week with $2.40 as the first and only hurdle nearby at the 55-day SMA. Once that is out of the way, expect a clear-cut one-way rally towards $3.00, printing a new high for April and possibly March.

LDO/USD 4H-chart

A bigger risk to the downside would be if bulls are unable to hold the $2.20 pivotal level and retreat below it. That would point to too much profit-taking and would weaken the rally substantially. Expect to see a drop lower, with a test at $2.00 and a possible break towards $1.92 at the monthly S1, to then find some support after selling off 12%.

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.