Lido DAO (LDO) Price Nears Key Resistance: Is $3 Within Reach?

The price of LDO is approaching a crucial resistance level as traders and analysts monitor its next move. Crypto expert Cold Blooded Shiller has drawn attention to the importance of today's daily close for LDO.

Cryptocurrency prices have been on a wild ride in 2023, and one token that has traders buzzing is Lido DAO (LDO). After a stellar run-up, LDO is now nearing a crucial resistance level that could determine its next move.

According to Cold Blooded Shiller, a well-known crypto trader and analyst, today’s daily close for LDO is particularly important. In a recent tweet, he highlighted the significance of this level, stating, “Close above this sticky level, and $3 comes quickly imo.”

A closer look at the LDO price chart reveals a period of consolidation as the token attempts to break through a resistance level around $2.20. This level has seen multiple tests in recent trading sessions, with buyers being unable to push through consistently. Below the resistance, a shaded green area marks a key support zone between $1.60 and $1.80. This zone has acted as a strong floor for price rebounds, indicating robust demand at these levels.

If the LDO price manages to close above $2.20, it could trigger a breakout scenario, with the next target being $3. The technical setup shows minimal resistance between $2.20 and $3, creating an opportunity for significant upward momentum. Higher lows in the support zone also indicate increased buying interest, strengthening the bullish outlook.

However, failure to breach the $2.20 level could lead to further consolidation or a pullback toward the $1.60–$1.80 support range. Traders are watching for signs of compression, as reduced volatility often precedes a strong directional move.