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LDO falls below $1.6 again; why a bullish relief is nowhere in sight

Press Releases Crypto News AMB-Crypto LDO falls below $1.6 again; why a bullish relief is nowhere in sight

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Lido bulls fought against a long-term downtrend and were unlikely to win anytime soon
A fall below $1.4 could see LDO bleed downward to the next psychological support

Lido [LDO] Finance retained its dominant position in the liquid staking sector. It held an 84.4% market share based on assets staked. LDO has been in a downtrend, like the tokens of the competing liquid staking projects.

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A price report by AMBCrypto from last week underlined the importance of the $1.6 level as long-term support. Yet, over the past week, LDO fell below this level and has also retested it as resistance. What should long-term bulls be prepared for next?

The range low was breached, will the year-long support be next?

Source: LDO/USDT on TradingView

From May to late August, LDO traded within a range that reached from $1.57 to $2.56. Over the past six weeks, the $1.55-$1.7 former support zone was slowly flipped to a resistance region. The next higher timeframe support sat at $1.44.

This level served as support in early November 2022, before the FTX debacle saw prices nosedive across the industry. In recent weeks LDO has tested it as support. Given the market structure and the loss of the $1.6 level to the bears, it was likely that the token would slide below $1.44 soon.

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) reflected neutral momentum in the one-day timeframe. Co

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Author: Akashnath S

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