Following the latest drop in Bitcoin’s price, most altcoins have posted major losses, including LDO, which is now looking extremely bearish on the daily chart. Anticipating a retest, it is yet to find a solid ground level.
Starting the year on a bearish note, LDO posted a significant loss after forming a double-top pattern at $2.5 in late January. This pattern halted bullish sentiments, and the crypto took a sharp downturn after reinitiating drops from $2 in mid-February. The price fell consistently for a month before locating support above the $0.8 level in the following month.
This lured the bears into the market, and they took control from a short-term scale. A bounce occurred and the price retraced briefly above $1. It lost momentum and resumed selling in late March. That led to a bearish crossover as the selling volume continues to increase daily.
Today marked another major dip in LDO’s price after two weeks of sell, and is now looking extremely bearish on the day. Closing this week on a strong bearish note, it may register more losses in the upcoming week. Otherwise, it may consolidate for a while before releasing pressure.
A retracement move from the current trading level could bring a slight retest at the broken $0.8 level before resuming selling. Such a move is not realistic at the moment as selling exhaustion is yet to set in.
LDO’s Key Level To Watch
Source: Tradingview
While there’s currently no key support level on the way down, the price is reaching $0.7. Lower levels to consider for a test are $0.6 and $0.5.
Towards the upside, LDO marks resistance at $0.815. If the market recovers above this price level, the $0.92 resistance is the next level to watch, followed by $1.05.
Key Resistance Levels: $0.815, $0.92, $1.05
Key Support Levels: $0.7, $0.6, $0.5
- Spot Price: $0.714
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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