LDO Price Lingers Below $2 Level

Lido Dao, a decentralized autonomous organization (DAO), allows users to stake their crypto assets in a non-custodial, decentralized manner that is safe, dependable, and would give users better staking rewards.

LDO price had a rise of roughly 247%, making it one of the top gainers of the cryptocurrency market, during the start of 2023. The surge in the price helped in forming an annual high at $3.328. After the formation, there was a follow-up retest which was halted at $3.299.

As the bullish move ended, bears entered the market and triggered a drop in the price. The cryptocurrency entered into a downtrend forming lower lows. Recently, LDO price entered into a wide consolidation zone ranging between $1.635 and $2.41.

Lido Dao price faced rejection from the $2.24 level after rising from the support level of $1.635. Currently, the price is headed in a downward direction as the recently closed candles are strongly bearish. In the past two days, LDO price has shown a significant pullback. The current candle has turned bearish after attempting to break the high of the previous day’s candle.

If bears can push price below $1.91, the cryptocurrency price might head down toward the next support level of $1.80 causing a downfall of 5.75%. On the other hand, if the price can rise above $2, it might target the next resistance level of $2.24 causing a spike of roughly 12%.

The market capitalization is up by 0.24% to $1,713,790,353. The 24-hour trading volume has decreased by 30.11%. Lido dao price has dropped 82.27% from the all-time high of $11.

Will LDO Price Continue Its Bearish Trend?

The cryptocurrency price trades below 20,50,100 and 200-day EMAs indicating bearish momentum in the price. Chaikin money flow score is 0.09 suggesting that the price still has strength even though it has shown signs of strong bearishness. RSI trades at 48.39 denoting that price is in neutral territory facing the same pressure from bulls and bears.

The price touched the upper band of Bollinger and faced rejection. Currently, Lido Dao price has crossed below the 20-day SMA of bollinger and is headed toward the lower band which resides near $1.75 level. The long/short ratio is 1.07 with 51.76% longs and 48.24% shorts suggesting a higher selling position in the last 24 hours.

Conclusion

The market structure and price action of Lido DAO turned bearish after it faced rejection at $2.24. The technical parameters are favoring the selling side but traders should wait for the price to break below $1.91.

Technical levels

Major support: $1.80 and $1.635

Major resistance: $2.24 and $2.41

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.