LDO Price Analysis: Is Lido Dao On The Verge Of A Price Breakdown?
The post LDO Price Analysis: Is Lido Dao On The Verge Of A Price Breakdown? appeared first on Coinpedia Fintech News
After experiencing massive price turbulence during the month of September, the crypto industry has started stabilizing as this month has started on a positive note. But, on the other hand, LDO price has lost over 5% in its value in the past week, indicating a possibility of a price dip soon.
The Lido Dao price has been trading with the support of an ascending trendline for almost two weeks, indicating a bullpower in the market. After the Golden Crossover at the start of the month, the LDO price experienced a massive jump in its value of almost 20% within three days.
Following this, the Lido Dao price lost momentum and started trading negatively and in a consolidated range of $1.5521 and $1.5981 for a short period. The bulls failed to hold the price above the support level, resulting in the price breaking down the level.
The LDO price is currently hovering close to its resistance level of $1.5521 and is on the verge of retesting it. The bears attempted to pull the price down, but the bulls managed to hold the price close to $1.5521. Further, the EMA displays a possibility of a bearish convergence in the coming days, which could result in the price plunge to new lows.
The RSI levels have displayed massive volatility in its charts. The averages were seen trading above the overbought range for a period of time, following which the price experienced a sharp decline and has been trading below the mid-point since, indicating weak buying and selling pressure.
Will LDO Regain Its Value?
If the LDO bulls gain power and push the price above $1.5521, then the price will gain a bullish moment and continue to rise and test its upper resistance of $1.5981. Further, if the price holds above that level, the coin will prepare itself to test the resistance level of $1.6519 in the coming days.
On the contrary, if the bears come into power and the price fails to break out of the resistance level at $15521, the coin will start trading under a bearish influence and test its support level at $1.4984.
Moreover, if the market fails to gain momentum, then the price will continue to fall and test its lower support level of $1.4521 soon.
Filed under: Bitcoin - @ October 6, 2023 7:24 am