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- 1 LDO price is observing significant selling pressure, predicted to see further decline.
- 2 LDO price is up by 1.05% in the last 24 hours.
The price of LDO is currently treading near the neckline, making a double top pattern. The price is currently reaching its demand zone in the market structure after breaking the consolidation near $2.000 with a strong bearish movement. Price action indicates that pessimism among the buyers may continue to rise shortly unless the price finds buyers’ support. Though it is unlikely with low probability as the price action, market structure, major market, and technical indicators all are forecasting a bearish turn of events shortly.
The price recently broke an important support level near $2.000, shattering the market structure and the 200 EMA, by making a new lower low. The price action of LDO is estimated to continue its bearish trend shortly.
Bullish and Bearish Sentiment Comparison of Lido Token
Investor sentiments are currently near the neutral zone at 44 points, according to the greed and fear index, provided by the Alternative (dot) me platform. There was a major decrease of 8 points within last week where the sentiments were at 51 points.
Technical Analysis (1 Day Timeframe)
Presently, the LDO price is moving above the major key EMA levels. However, the price is making a double top pattern which predicts the fall of LDO.
The RSI line is currently following the price closely making a double-top pattern. It is trading above the median zone of around 56.18 points. Whereas the 14 SMA is trading below the median line at 53.30 points providing support to it. The RSI line is making an M-like pattern suggesting it may soon reach the oversold zone.
The stochastic RSI indicates that %K may soon cross below the %D line as it has already reached the demand zone. At present, the value of stochastic RSI is 71.19 points.
Conclusion
According to the analysis, the LDO price may continue to see a bearish fall in trend if the price does not succeed in sustaining above the current levels. LIDO token recently recorded a 20% spike in value, but it is yet to break the previous high. It has been seeing an increase in selling activity since early March.
Technical levels –
Support – $1.500
Resistance – $2.400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
