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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Analyst Predicts 76% Lido DAO Rally If This Ascending Triangle Break Happens

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Lido DAO

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An analyst has explained that Lido DAO (LDO) could rally toward a new all-time high of $6 if a sustained breakout above this pattern occurs.

Lido DAO Has Been Forming An Ascending Triangle Recently

In a new post on X, analyst Ali discussed an Ascending Triangle that has been taking shape in Lido DAO’s weekly price chart. An “Ascending Triangle” is a pattern in technical analysis that, as its name suggests, has a triangular shape.

This pattern has two main lines: an upper level that’s horizontal (that is, parallel to the time-axis) and a lower level with some finite slope. The former connects highs in the price, while the latter is created by joining higher lows.

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Like any other such pattern, the upper level is likely to resist the price, while the lower level can be a potential support point. As the lower line here slows upwards, this consolidation channel gets narrower as the price moves forward.

A break out of either of these levels can be significant, as it can suggest a continuation of the price trend in that direction. Naturally, a break above the triangle can be positive for the price, while an exit below indicates the breakdown of the bullish pattern.

There is also a similar, but opposite, pattern to the Ascending Triangle called the “Descending Triangle.” In the case of this pattern, the horizontal line is below, while the sloped line is above, and the triangle narrows towards the downside.

Now, here is the chart shared by Ali that reveals the Ascending Triangle potentially forming for Lido DAO in its 7-day price:

Lido DAO Ascending Triangle

The price of the coin appears to be retesting the upper level of the pattern right now | Source: @ali_charts on X

As displayed in the above graph, the LDO weekly price has appeared to have been moving inside an Ascending Triangle pattern for a while now. Recently, the price has surged and is now retesting the horizontal line of the pattern.

“Keep a close eye on the $3.30 level!” says the analyst. “A sustained weekly close above this mark could trigger a bullish breakout, potentially propelling LDO toward a new all-time high of $6.”

Such breakouts above the triangle can be comparable in size to the triangle’s height, which is why Ali has selected this possible target for the cryptocurrency. From the current asset price, such a rally to a new all-time high of $6 would mean an increase of more than 76%.

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It remains to be seen how the Lido DAO price develops in the coming days and if the coin can finally escape out of this Ascending Triangle, potentially setting itself up for a major rally.

LDO Price

At the time of writing, LDO is trading around $3.4, up 18% in the last week.

Lido Price Chart

LDO seems to have enjoyed some uptrend during the past couple of days | Source: LDOUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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