- Lido DAO token formed a descending triangle; bears try to break $3.0 support.
- The bears could extend their gains if they manage to force LDO/USD below $3.0 support.
Lido DAO price action in the last few hours shows a continued downtrend after opening the daily trading session on a bullish note, making higher highs at $3.40. The altcoin has been trading in a sideways pattern for most of the day but has now broken to the downside.
Lido DAO has been consolidating between $3.10 and $3.40 for the past few days after a surge in activity saw it move above the high of $2.50 last week. The altcoin has been struggling to break through resistance at the $3.40 level, which is preventing Lido DAO from climbing higher.
Lido DAO is down by 0.66% at the moment of writing, with the bears pushing the price to a low of $3.10 in today’s session. The technical outlook for Lido DAO shows bearish momentum as a descending triangle pattern has formed, indicating further downside pressure on the token.
The immediate support level for LDO/USD is now located at $3.0, and if the bears manage to break below this psychological level, we can expect further losses in Lido DAO’s price. On the upside, if bulls are able to reverse the current trend, then $3.30 could serve as a resistance level that needs to be breached for any gains to materialize.
The Fibonacci retracement levels indicate a possible bullish reversal at the 38.2% level, which currently stands at $3.23 while the key support is seen at the Fibonacci 50% level of $3.07. If the bulls are able to break past this hurdle and reclaim the $3.30 level, then a new wave of buying pressure could ensue, pushing Lido DAO’s price even higher.
Lido DAO price analysis on the daily chart indicates Bulls have been active as the technical indicators exhibit mixed signals. The MACD is bullish and trading above the red signal, while the RSI is neutral at 44.4 indicating that a break of either the $3.0 or $3.30 levels could lead to further gains in Lido DAO’s price action.
Lido DAO price analysis on the 4-hour chart indicates the altcoin has formed a bearish flag pattern and is targeting a break below the $3.0 psychological level as bears gain control of the market. The MACD is bearish and trading below the red signal, while the RSI has declined to 39.5 indicating that Lido DAO’s price could be headed further down in the near term.
In conclusion, LDO/USD is currently facing a sharp decline in price as bears target a break of the psychological level at $3.0. The technical indicators are turning bearish suggesting that further downside pressure could be on the horizon for Lido DAO’s price action.
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