This Chart Breakout Could Send Lido DAO (LDO) Price Soaring – but There’s a Catch

Lido DAO price might finally be turning a corner. After months of grinding lower, the token has just broken out of a descending wedge pattern that’s been holding it back since February

The move hasn’t gone unnoticed, prominent analyst GlobeOfCrypto shared a tweet that flagged the breakout and pointed to a potential 100% to 120% price jump if the momentum sticks

A chart shared alongside the tweet shows the exact breakout zone and the potential upside target near $1.70. This kind of setup has traders watching closely to see what happens next.

What the LDO Chart Is Telling Us

From February to early July, LDO price was stuck in a broadening wedge. It kept bouncing between lower highs and lower lows inside a widening downtrend channel

But that pattern finally broke on the upside around $0.85, a level that had been acting as resistance. Breaking above that line could be a big deal. It suggests the months-long selling pressure might be over

Source: X/GlobeOfCrypto

Now, the former resistance zone between $0.80 and $0.83 could flip into support, and traders are watching to see if the price retests it successfully.

How High Could LDO Go?

The projected upside comes from measuring the height of the wedge and adding it to the breakout level. That gives a target somewhere between $1.70 and $1.75, around a 120% jump from where the breakout started

Read Also: Why Is the Crypto Market Up Today?

But it’s not a straight shot. There are several hurdles along the way, like resistance at $0.95, $1.10, $1.30, and $1.55

Each of those levels has stopped rallies before. If buyers can push through those zones, that target gets a lot more realistic.

What to Watch Now

For this move to stay valid, LDO price needs to stay above that wedge it just broke out of. A close below $0.80 would raise red flags, and dropping under $0.65 could put the whole bullish setup in jeopardy

That would open the door for a retest of the summer lows near $0.59. But for now, the focus is on volume, support holding at $0.83, and whether bulls can push price above $0.95 in the coming days. The breakout has happened, what matters now is whether it holds.

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The post This Chart Breakout Could Send Lido DAO (LDO) Price Soaring – But There’s a Catch appeared first on CaptainAltcoin.