- Lido Dao showed strong bearish signals and another 38.3% dive was probably.
- The price was for an important support that has only been tested twice in just over two years – a final position for Bulls?
Lido Dao [LDO] has broken another level of support. Since he falls under the reach of 3 months in February, LDO has dropped 43% in just over two weeks.
It is below the psychological level of $ 1 cases and also went under the support of $ 0.88, which marked the low point from September 2024.
Before September, the last time LDO was almost $ 0.9 in November 2022. After the FTX implosion, the token fell to a low point of $ 0.872.
As it looks now, LDO could fall well below the level of $ 0.88 if the current momentum persists.
What are the following goals for Lido Dao?
Source: LDO/USDT on TradingView
Usually Fibonacci Retracement and expansion levels offer plotted on the basis of important swing points a good picture of where the asset prices can go afterwards.
The current price decrease was probably not over, which means that no swing point has been formed. That is why the November rally was used to plot these levels.
The price was at the retracement level of 78.6%for a few days. In the past two weeks, more sales pressure meant that the 100% level was switched off. The next goal was the level of 23.6% at $ 0.545.
If Lido Dao’s prices fall deeply, the new multi -year lows would make. The level of $ 0.545 was roughly set up with the support levels of $ 0.46 and $ 0.5 that LDO Bulls defended in June 2022.
Investors must be careful. The risk is high, but that also applies to the reward. Buying LDO at these levels went against the trend and technical indicators.
The market structure was sturdy Bearish and the RSI was in sold -off territory. This showed a considerably bearish momentum.
Moreover, the OBV made new lows in addition to the price, which meant heavy sales pressure. The downward trend would not be guaranteed to stop at $ 0.88 only because it has been a considerable level of support in the past two years.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
