Buy the rumor, sell the news? Ethereum's biggest staking service, Lido DAO, is at risk of continuing a downtrend initiated a month ago.
Still, the token’s sharp correction in the past month raises the possibility of an extended downtrend now that the pre-Merge hype is nearing its end. In addition, a technical setup also alerts about a potential price decline ahead.The latest selling period in the Lido DAO market started after LDO topped at $3.10 on Aug. 13. This downtrend has painted a pattern thatDescending triangles that form at the top suggest bullish exhaustion.
LDO now tests the triangle’s lower trendline area, at around $1.79-$1.82, as support. The token could drop toward $1.17 if it breaks below the support level while accompanying a rise in trading volumes. In other words, a 35% drop from current price levels.Conversely, a rebound from the $1.79-182 support area could have LDO test the descending triangle’s upper trendline at around $2.10 as resistance.
Also, a decisive breakout above the upper trendline would risk invalidating the bearish setup discussed above. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Lido Finance (LDO) Dumps 40% Monthly, Rebound Fails Ahead of Ethereum MergeLDO faces the prospect of a 'sell the news' event following the big 'Merge' day.
Weiterlesen »
Apple plans to sell ads in new spots in the App Store by year-endThe expansion comes as Apple's advertising business is under increasing scrutiny.
Weiterlesen »
Binance.US | Buy, Sell, & Trade Crypto & Altcoins In The USBuy, sell, and trade Bitcoin, Ethereum, and over 100 cryptocurrencies with some of the lowest trading fees in the US. Get started within minutes.
Weiterlesen »
New York Times to Sell $95 At-Home Cooking Kits Curated by Guest Chefs (Exclusive)The kits offer a new avenue to increase revenue and readership for the paper's subscription cooking site.
Weiterlesen »
Ford dealers who want to sell EVs will have to spend money to make moneyFord wants its dealers to help it overtake Tesla.
Weiterlesen »
How to sell on Poshmark using inventory from liquidation storesA 19-year-old college student who made $38,700 selling clothes on Poshmark explains how she finds inventory for $10 or less
Weiterlesen »