As seen on the daily chart, LDO is currently facing a challenging resistance zone, and there hasn’t been a breakout yet.
Although the range of $1.64 to $1.60 serves as the retest level for the W formation it broke, we cannot definitively say that it will receive a response from this zone or provide a retest since it will move in conjunction with the market.
In the event it fails to overcome the resistance and heads for a retracement, the initial support level for LDO appears to be at $1.41. With a 4-hour closing below this level, a retracement down to the lower zone at around $1.18 becomes possible.
For a long position, one could wait for a breakout of the resistance and enter from the recent high point of $1.74. The target could be the $1.95 region, which could serve as both a horizontal and descending trend resistance.
The analysis shared here are not intended as investment advice, but rather as potential short to medium-term trading opportunities in the market. The responsibility for taking trades and managing risks lies with the user. It is strongly recommended to use stop loss orders when executing trades.
