Lido DAO Price Analysis: LDO Again Moves Towards the Weekly Swing Low, Buy or Sell? 

• Lido DAO token hits 10-day low again today.
• On the 4-hour price scale, the LDO coin is trading below a key moving average.
• The LDO token pair price is up 1.6% at 0.00009194 satoshis in relation to the bitcoin pair.

Over the last two days, the Lido DAO token has moved closer to the $1.7 support level. When the crypto market rose in July, the LDO token increased by more than 370%. However, now that the crypto market’s bullish cycle has ended, the overall market value of the coin is down 6.38%.

On the hourly price scale, the bulls were unable to keep the LDO currency above the support trend line of an ascending parallel channel last week. LDO token is currently trading at $1.95 per USDT at the time of writing.

Speculators have witnessed an upsurge in volatility during the previous three trading sessions. Because the LDO token causes a spike, traders are puzzled about the direction of the move. As a result, the trade volume jumped by more than 220% in the past 24 hours to $293 million.

Meanwhile, according to CMC, the Lido DAO’s market worth is down 1.5% to $600 million. The LDO currency is trading below a major moving average on the 4-hour price scale. With respect to the bitcoin pair, the LDO token price is up 1.6% at 0.00009194 satoshis.

RSI Failed to Display Positive Sign

On the daily price graph, the RSI indicator has deviated from the semi-line. The RSI, on the other hand, soared while failing to go over the 50 mark. Furthermore, the ADX signal indicates that the LDO token is about to fall.

Conclusion

The Lido DAO Token appears to be weak as Bitcoin declines towards the $21K level. BTC creates negativity in the entire crypto market. Therefore the bulls need to maintain the asset price above the previous weekly swing low.

Support level – $1.6 and $1.0

Resistance level – $3.0 and $3.5

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.