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The price of LDO is currently trading near the middle of the market structure. It is seeing an increase in selling activity since early March. The price of LDO recently made a retest through the 200 EMA near early May, despise giving a positive close above it the price is facing severe resistance from the neck level of its previous high.
The price recently broke an important support level near $2.100, where it broke the 200 EMA, and the market structure by making a new lower low. Hence the market is estimated to continue its bearish trend in the near future.
Social Engagement and Bearish Sentiment Comparison of Lido Token
The majority of market sentiments are currently near the neutral zone at 50 points, according to the greed and fear index, provided by the Alternative (dot) me platform. There is a decrease of 3 points within a short span of time where the sentiments were at 53 points.
Technical Analysis ( 1 Day Timeframe )
Presently, the LDO price is moving above most of the major 20/50/100/200 EMA levels. Though the price is near its previous high which may provide severe resistance to it.
The RSI line is currently trading above the median zone of around 55.99 points. Whereas the 14 SMA is trading below the median line at 41.61 points providing support to it. The RSI line is making a downward curve though it’s yet to reach the overbought zone.
The stochastic RSI is trading around the overbought zone on the daily timeframe. The %K may soon cross below the %D line as it has already reached the demand zone. At present the value of Stochastic RSI is 97.47 points.
Conclusion
According to the analysis, the LDO price is suggesting a bearish reversal in trend If the price fails to sustain above the current levels. The LIDO token recently experienced a positive surge of 20% but it is yet to break the previous high hence there is a strong probability of the continuation of the current trend.
Technical levels –
Support – $2.000
Resistance – $3.000
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.
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.
