- Token Unlocks predicted in a tweet today that LDO’s price will rise in the coming days.
- The platform noted the recent launch of Lido V2, which introduced several “game-changing” features.
- At press time, LDO was trading at $1.92 after it printed a 2.96% loss over the past 24 hours.
The token unlocks dashboard and tokenomics insights platform Token Unlocks tweeted earlier today that Lido DAO (LDO) recently launched Lido V2. According to the post, this upgrade includes “game-changing” features such as a Staking Router and additional Withdrawal Functionalities. The platform predicts that this upgrade will have a major impact on LDO’s price.
The upgrade has not yet had the forecasted impact on the altcoin’s price. However, at press time, CoinMarketCap indicated that LDO was trading at $1.93 after it printed a 24-hour loss of 2.96%. This resulted in the crypto trading closer to its 24-hour low of $1.89, while its daily high stood at $2.
Furthermore, the altcoin had weakened against the 2 market leaders Bitcoin (BTC) and Ethereum (ETH) during this time as well. As a result, LDO was down 1.45% against BTC and 1.19% against ETH.
Daily chart for LDO/USDT (Source: TradingView)
From a technical perspective, LDO’s price was trading above the 9-day and 20-day EMA lines at press time. The crypto’s price was also attempting to break above the next major resistance level at $2. Technical indicators suggested that LDO’s price would flip this resistance level into support in the next 24-48 hours.
A significant bullish flag was on the verge of triggering as the 9-day EMA line was looking to cross above the 20-day EMA line. Should these two technical indicators cross, it will signal that LDO’s price has entered into a short-term bullish cycle and will rise in the following few days.
These two EMA lines crossing will also give LDO the support it needs to overcome the $2 mark. In addition to the 9-day and 20-day EMA lines looking to cross, the daily RSI line was in neutral territory, which suggested that there was still room left for LDO’s price to rise before the altcoin could be considered overbought.
On the other hand, if LDO’s price drops below the 9-day and 20-day EMA lines within the next 24-48 hours, it may lose the support level at $1.816. This may result in LDO dropping to the next crucial support level at $1.670 in the following few days.
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