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.
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