- August 31, 2022
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
LIDO DAO (LDOUSDT) broke above its 1D MA50 (blue trend-line) today as so far the correction since the August 13 High was contained inside the green Ichimoku Cloud. This isn’t yet the time to be bullish, as the same Cloud provided support from April 18 to April 28 and despite breaking again above the 1D MA50, the rebound was short-lived as it failed to cross above the 0.5 Fibonacci retracement level.
See how both the 1D RSI and MACD sequences are identical. As a result, it may be in your best interest not to be bullish again before the 0.5 Fib breaks (2.3300). If it does, we can target the 3.10 Resistance and -0.5 Fib in succession. If not, expect more selling towards the 1.5 Fib as in May.