- As bulls lose steam, the LDO market is dominated by bearish sentiment.
- If bear control continues, Lido DAO prices may retrace below the $1.02 level of support.
- Lido DAO price has retreated by 3.80% as of the time of publication, falling to $1.06.
Lido DAO (LDO) started the day under bear control, trading at 1.090. However, the LDO market experienced a bullish intervention, pushing it to an intraday high of $1.11 before running into significant resistance and reversing course to close at $1.06, a decline of 3.32% as of press time.
Both the market capitalization and the 24-hour trading volume fell during this recession, by 4.04% to $329,236,355 and 31.17% to $12,857,853, respectively.
LDO/USD 24-hour price chart (source: CoinMarketCap)
Keltner Channels are narrowing and trending south on the 4-hour price chart, with the upper band touching 1.137 and the bottom band touching 1.040. This Keltner channel motion indicates a decrease in market volatility, hence a bearish sentiment is projected. Price swings in the direction of the bottom band coincide with this downturn.
The RSI reading of 38.11, which is trending away from the oversold region and suggests stability in the LDO market is anticipated, raises some hope for a price turnaround. However, the RSI may change pace if bulls do not continue to struggle to reverse the current bear trend.
LDO/USD 4-hour price chart (source:TradingView)
The stochastic RSI reading of 34.00 and pointing north is moving away from the oversold region and indicating stability in the LDO market, which also raises some hope for a price turnaround.
Additionally, the Elder Force Index (EFI) and Chaikin Money Flow (CMF) also have negative values. The CMF is currently reading -0.33 and the EFI is at -3.507K at the time of posting. These indicators suggest a persistence of bearish momentum in the LDO market when they display such readings.
LDO/USD 4-hour price chart (source: TradingView)
High hopes that the market will break this bearish trend since technical indicators suggest that the current market may be about to expire.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Bear Supremacy Prompts the Lido DAO (LDO) Price to Backtrack to $1.06 appeared first on Coin Edition.