- Lido DAO price struggles to defend $2.00 support.
- Lido DAO crypto price drops below the 50 day EMA and attempts to break the 200 day EMA.
- LDO price will enter a downtrend if it breaks down $2.00 support.
Lido DAO price fell 19% in the previous week and corrected 36% approx from the recent swing high. LDO price formed a double top bearish pattern and slipped down by forming lower low swings.
Lido DAO price dropped below the 50 day EMA which turned the short term trend in the downward direction. However, the price is near to the 200 day EMA which is acting as an immediate support for the bullish traders. The volume in Lido DAO crypto is in a declining phase shows short term traders booking the profits from the higher levels.
Lido DAO price is trading at $2.067 with an intraday decline of -0.48%. The 24 hour volume to market cap ratio at 0.0207. At the mid of February, LDO price tried multiple times to break the $3.335 hurdle but got rejected. It shows strong sellers active on the higher levels. Slow and steady prices begin to decline by forming lower lows and lost the majority portion of the previous gains.
At the mid of March, prices took support near $2.00 and bounced back with a strong momentum. However, the upward momentum halted at $2.500 and prices entered into narrow range consolidation.
Will Lido DAO price rebound or break the support?
Lido DAO price consolidated for a few weeks in the range between $2.000 to $2.600 in a hope of range expansion. Sadly, overall market sentiment turned bearish and LDO price got negatively affected.
Presently, Lido DAO price is struggling to defend the lower range support. If buyers succeed to defend $2.00 then we may expect a rebound in coming weeks. However, if the price breaks down $2.00 then the positional trend will turn bearish and bear will try to drag it further down toward the yearly lows. The technical analysis suggests, LDO price is in bear grip but until it breaks $2.00 the downside seems to be limited.
More downside will open in LDO price?
LDO price formed bearish engulfing on a weekly time frame and eroded the returns generated in the past six weeks. More downside will open up only after the $2.00 break down. Till then prices might consolidate in a narrow range. If the overall market improves and market leader Bitcoin price bounced back. Then it may positively impact the LDO price.
The technical indicators like MACD had generated a fresh negative crossover indicates bearishness to continue for some more time. The RSI at 40 sloping upward denotes price is trying to test the neutral territory.
Conclusion
Lido DAO price fell 19% in the previous week and showed signs of bearish trend reversal. LDO price formed a double top pattern and sellers seem to be more active as compared to buyers. The technical analysis suggests, LDO price is in bear grip but until it breaks $2.00 the downside seems limited.
Technical levels
Resistance levels : $3.000 and $3.335
Support levels : $2.000 and $1.486
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.