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LDO Bulls Charge: $3.37 Target in Sight as Open Interest Surges 32%

Coin WorldThursday, Jan 30, 2025 4:03 pm ET

1min read

Chandan Gupta, a seasoned crypto analyst and news writer at CoinPedia, specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Gupta simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space.

Amid the ongoing crypto market recovery, Lido DAO’s (LDO) bullish price action has captured traders’ attention. In recent weeks, LDO has been struggling within a tight range between $1.50 and $2.00. However, with the current price recovery, it appears to be breaking out of this zone.

According to expert technical analysis, LDO has been trading within a narrow range since late December 2024, with the $2 level acting as strong resistance. LDO has faced resistance multiple times during this period, leading to notable price declines. However, the current market sentiment is shifting, which could trigger a price surge and a breakout above this resistance level.

Based on recent price action and historical momentum, this breakout can be considered successful only if the asset closes a daily candle above the $2.15 level, otherwise, it would be a fakeout. If this happens, there is a strong possibility that the LDO token could soar by 55% to reach the $3.37 level in the future.

Looking at this bullish outlook following the breakout, traders have shown strong interest in the asset, as revealed by the on-chain analytics firm Coinglass. Data shows that LDO’s open interest (OI) has surged by 32% in the past 24 hours and 20% in the past four hours, indicating an increase in new positions by intraday traders.

LDO is currently trading near $2.13 and has experienced a price surge of over 16% in the past 24 hours. During the same period, its trading volume jumped by 60%, indicating heightened participation from traders and investors following the breakout.

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