Is Lido DAO’s Price at a Critical Juncture? Can LDO’s Value Withstand the $2 Mark?
Lido DAO (LDO) is struggling to defend its $2.00 support level, having fallen 19% in the previous week and corrected around 36% from its recent swing high. The cryptocurrency has formed a double top bearish pattern and dropped below the 50-day EMA, which turned the short-term trend downwards. LDO is near the 200-day EMA, which is acting as an immediate support for the bullish traders. The volume is also in a declining phase, suggesting that short-term traders are booking profits. If LDO breaks below $2.00, it is likely to enter a downward trend. However, the downside seems to be limited until it breaks that level, with the price in a narrow range consolidation between $2.00 and $2.600. The MACD has generated a fresh negative crossover and the RSI, although sloping upward, indicates the price is trying to test the neutral territory. The technical analysis suggests that LDO is in a bear grip, but the rebound is possible in the coming weeks if the price manages to defend the $2.00 support. The resistance levels for LDO are $3.000 and $3.335, while the support levels are $2.000 and $1.486. However, investing or trading crypto assets comes with a risk of financial loss, and the views and opinions stated in this article are for informational purposes only and do not establish financial, investment, or other advice.