Markets
LDO and PYTH prices post huge gains
Just a few hours ago, markets were stuck in a bearish consolidation as the price of Bitcoin was stuck in a range of around $67,000. Many believed that the price could maintain a healthy upward consolidation and reach $71,000. However, with the approval rounds of the spot ETF on Ethereum approval, market participants seem hopeful about the upcoming trend. Meanwhile, altcoins such as LDO and PYTH have risen magnificently and may soon make new highs.
Lido DAO (LDO) price analysis.
- Despite the bearish pressures, the LDO price it has been trading within a rising wedge pattern which results in a mild pullback that has been realized
- However, the price is yet to re-enter the range, but the latest jump with minimal bearish pressure has narrowed the distance
- Furthermore, the Stochastic RSI on the weekly chart has initiated a bullish bounce, suggesting that the price may maintain a healthy recovery in the future.
- The price has surpassed $2.2 and if a rise above $2.5 stabilizes before the end of the day, then a new recovery could begin to set new yearly highs above $4.
Pyth Network (PYTH) Price Analysis.
- PYTH price has risen above the descending parallel channel and is about to enter the crucial zone which has been acting as a support and resistance zone since the beginning
- The RSI has rebounded from the bottom and is about to reach mid-levels, which indicates a continued recovery
- However, a rise above the bearish influence could be validated once the levels enter, sustain and consolidate, which could cause a rise to $0.7.
- Furthermore, if the bulls weaken, PYTH price may again enter the parallel channel and constantly try to break above the upper resistance