The LDO/BTC pair was trading at 0.0000837 BTC intraday, representing a slight loss of 4.68%. The token, however, experienced a fall of 13.47% in the previous trading year under a bear market. Due to strong selling pressure in the market, the LDO token fell to its secondary support level of $0.867 at the end of 2022.
Since the start of 2023, the token price was in a steep uptrend supported by the increased trading volume which showed the buyers were in control of the market. But this changed as soon as the token price tried to break its upper limit of $3.305 and got rejected which showed that the sellers had again entered the market and the demand for the token had decreased. Because of the increase in supply, the token price experienced the prior downtrend and slipped below the primary resistance of $2.814. Since then, the token price has been in a consolidation phase between its upper and lower limit.
Lido DAO price analysis suggests that Bulls’ attempts to increase prices have raised investor hopes, but they have been obstructed by bears. To maintain the upward curve, the bulls need to regain investor confidence quickly. Despite Lido DAO’s potential, the bear market manipulation created significant hurdles for the bulls. Sharp fluctuations have made it challenging for investors to discern the coin’s true direction.
The trading volume of the coin increased by 6.00% in the last 24 hours, indicating an increase in buying.
Lido DAO Price Technical Analysis
The Relative Strength Index (RSI) is decreasing in the oversold zone and has shown a negative crossover over the daily time frame chart, wherein the sellers are in the majority in the market and pushing LDO downwards. This shows the strength of the current bearish trend. The current value of RSI is 45.76, which is below the average RSI value of 50.01.
The MACD and the signal line are intersecting near zero but do not show any definitive crossover on the daily chart which can support RSI claims, indicating neutrality in the market.
Conclusion
Lido DAO’s current trading value is at $2.34, with a 4.90% decrease intraday. The coin is struggling to maintain a steady uptrend. The trading volume has increased by 6.00% in the last 24 hours, indicating a positive market sentiment. However, the RSI is decreasing in the oversold zone and has shown a negative crossover, indicating that the sellers are in control of the market. The MACD and signal line intersect near zero, indicating market neutrality. Overall, the technical analysis suggests a bearish trend.
Technical Levels
Resistance Levels: $2.81 and $3.30
Support Levels:$1.99 and $0.867
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/04/10/lido-dao-price-prediction-bears-obstruct-bulls-attempted-uptrend/