Lido DAO Price Analysis: Bearish Sentiment Drives Downtrend

Current Price Action

Lido DAO (LDO) is currently trading at $1.55, experiencing a 3.85% decline in the past 24 hours. The altcoin has faced significant sell pressure, dropping from an intra-day high of $1.21 to its current price. LDO is seeking support at $1.35, with bearish sentiment dominating the market.

Technical Indicators

The 50-day moving average (MA) is below the 200-day MA, signaling a bearish trend in the long term. However, the Relative Strength Index (RSI) at 44 indicates that LDO is not yet oversold. The Exponential Moving Average (EMA) crossover also points to bearish momentum in the short term, with the 10-day EMA below the 50-day EMA and both below the 200-day EMA.

Market Outlook

LDO has formed a descending triangle pattern on the daily chart, suggesting a potential downward breakout. Bears are targeting retracement levels at $1.38, $1.22, and $1.04. However, if bulls regain control and push prices above $1.70, it could invalidate the bearish formation and trigger an uptrend.

The persistence of bearish sentiment and declining trading volume adds to the downward pressure on Lido DAO. While the altcoin may reach new lows if current conditions prevail, a bullish reversal remains possible if key resistance levels are breached.