Lido's Bearish Trend

Lido [LDO] has been in a downtrend for the past year, with a 35% decline year-to-date. This bearish momentum has continued into shorter time frames, as LDO dropped by 3.3% in the last 24 hours, falling below the key psychological level of $1.

Analyst's Bullish Outlook

A recent analysis by CryptoBullet on X suggests that LDO may be gearing up for a multi-month rally. According to the analyst, LDO's weekly chart presents a "beautiful Leading Diagonal" pattern, indicating that this might be an opportune moment to buy the asset.

Potential Rally Targets

CryptoBullet set forth three targets for the potential rally: $8.8, $16.6 (the main target), and $36.9 if the bullish momentum intensifies. While this outlook appears promising, it is worth delving into LDO's fundamental metrics to assess the likelihood of such a rally.

Source: https://ambcrypto.com/is-lido-finally-ready-for-a-turnaround-analyst-predicts-rise-to-36/

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