Lido DAO Faces Bearish Pressure with Key Support at $3.0

Lido DAO Price Analysis

Lido DAO is experiencing bearish momentum as the market sees a descending triangle pattern, indicating potential further declines. The altcoin has been consolidating between $3.10 and $3.40 after previously surging above $2.50. Despite opening the trading session on a positive note, reaching highs of $3.40, the token has since broken downward, reflecting a persistent downtrend.

Key Support and Resistance Levels

Currently, Lido DAO is trading around $3.10, down by 0.66%, with bears exerting pressure on the market. The immediate support level is at $3.0, a crucial psychological threshold. If bears succeed in pushing the price below this level, further losses could ensue. On the other hand, should bulls manage to reverse the trend, the $3.30 resistance level must be breached for any significant gains.

Technical Indicators and Market Outlook

The Fibonacci retracement levels suggest a potential bullish reversal at the 38.2% level, currently at $3.23, with key support at the 50% level of $3.07. The daily chart shows mixed signals, with the MACD indicator bullish above the red signal line, while the RSI remains neutral at 44.4. A decisive move beyond either $3.0 or $3.30 could influence future price action.

Short-Term Price Predictions

On the 4-hour chart, a bearish flag pattern emerges, further supporting the bearish outlook. The MACD is bearish, and the RSI has dropped to 39.5, indicating potential for continued downward movement. In conclusion, Lido DAO's price is under significant bearish control, and a break below the $3.0 level could lead to further declines. However, if bulls regain control, a breach of $3.30 might signal a reversal.