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Lido DAO

Lido Staked ETH

Lido (LDO) extended its bearish retracement by breaking the key support level of $3.2. The initial dip from $4 was briefly halted by bulls with a bullish candle at the previous support level but the intense selling pressure resulted in a 12% dip over the past 24 hours.This follows a general reversal in the crypto market with Bitcoin (BTC) dropping to the $41k price zone and the global marketcap of cryptocurrencies decreasing by 3.27% over the past day.<h3 id="selling-pressure-swings-momentum-in-favor-of-bears">Selling pressure swings momentum in favor of bears</h3>The daily timeframe showed that LDO’s bullish momentum peaked at the $4 price zone before successive bearish candles swung the price action in favor of sellers.This was reflected in the negative reading of the Chaikin Money Flow (CMF), as capital outflows rose alongside the price dip. Similarly, the Relative Strength Index (RSI) registered a massive decline in the buying pressure. This hinted at the growing selling momentum which could see price dip even further.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9927e608538344c98ae0c351af96ce62.png" />LDO/USDT on TradingView (Daily Timeframe)With LDO trading at $3, as of the time of writing, traders can short the token with a 15% profit target at the next support level of $2.5. This would be consequent on price breaking below the higher low.Alternatively, a bullish price reversal would have to contend with the new resistance at $3.2 before any gains can be made at the $3.5 - $3.8 price zone. Also, a bullish reversal would depend on an uptick in trading volume and an injection of new capital.Price levels to consider:CMP (Current Market Price) : $3Bearish target: $2.5 (15% gains)Bullish reversal: $3.5 (20% gains)

Lido Could Fall Another 15%, as Bears Extend Price Dip

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