LDO and CORE Approach Key Resistance Levels: Are Breakouts on the Horizon?

Date: Sun, Nov 24, 2024, 07:14 AM GMT

The cryptocurrency market is abuzz as major altcoins gain momentum, fueled by a decline in Bitcoin dominance. Bitcoin dominance has recently dropped to 59% from its peak of 60.40%, signaling increased investor interest in altcoins. Following the momentum, Lido DAO (LDO) and Core (CORE) have recently come into the spotlight, as both tokens are approaching critical resistance levels following notable surges.

Source: Coinmarketcap

Lido DAO (LDO)

LDO has gained over 8% today, pushing its price into a critical resistance zone between $1.35 and $1.50, as shown in the chart. This level aligns with the descending trendline that has kept the token in a bearish structure since earlier this year. A breakout above this zone could ignite further bullish momentum.

If LDO successfully breaches this resistance, the next major targets lie at $2.04, representing a 38% potential upside, followed by the upper levels at $2.50 and $2.70. These levels coincide with previous consolidation zones, making them critical points to watch for profit-taking.

The RSI (Relative Strength Index) shows improving strength, currently hovering near 65, which suggests the token may have room for further upward movement if buying pressure continues.

Core (CORE):

CORE has posted an impressive 12% rally today, pushing its price toward the upper boundary of a key resistance zone between $1.13 and $1.22. Similar to LDO, CORE has been locked in a bearish descending structure, as illustrated in the chart. However, today’s surge has brought it close to breaking this pattern.

If CORE breaks out above $1.22, it could target the next resistance at $1.65, a 34% increase from its current price. Beyond that, the major levels to watch are $2.56 and $2.90, which mark previous highs before the steep decline earlier this year.

The RSI for CORE is currently at 66, signaling strong buying interest. However, a prolonged rally will require a sustained increase in volume and market sentiment to avoid a pullback.

Market Sentiment:

The broader market sentiment around altcoins is increasingly positive as Bitcoin dominance declines, and AI and blockchain integration narratives dominate investor focus. Altcoins like LDO and CORE are benefiting from this shift, with many traders eyeing potential breakouts to capitalize on the growing momentum.

As both tokens approach their critical resistance zones, a breakout could unlock significant upside potential, provided the bullish momentum sustains.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.

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