Lido Dao price tanks as altcoin investors seem unsure if US session will save them


  • Lido Dao price tanked nearly 5% during European trading hours.
  • LDO found support at  the pivot near $2.80 and saw price action being underpinned.
  • Expect a small rebound with the risk of another rejection should bulls make their way up to $3.37.

Lido Dao (LDO) had a rough European open this Friday. In the blink of an eye, price action sold off nearly 5%. Luckily, bulls were awaiting any price drop at $2.80 to catch it and use the opportunity to go long LDO. With several altcoins in a similar pattern, expect a group-herd move either lower or higher, depending on the breakout.

Lido Dao price could be at risk of shedding gains before the weekend

Lido Dao price is not enjoying the new start for March as price action has decreased since Wednesday. Expect to see speculators in altcoins look for opportunities as currently several altcurrencies are painting a similar picture or pattern. This will  be very fruitful in case price action jumps higher but could come with a lot of pain should investors exit altcoins en masse.

LDO is set to jump further as the US session triggers a bounce in the price action. The big caveat on the topside is $3.37. A big risk for another rejection could play up here, as seen near February 19, which could turn into a broad fade back to that pivot near $2.80.

LDO/USD 4H-chart

LDO/USD 4H-chart

With the session nearly ending for the official trading week, investors might throw in the towel. Although it might not look so bad, in case the pivot at $2.80 breaks, another 30 cents could be lost as LDO will depend on support from the 55-day Simple Moving Average. That is nearly 17% lower than where LDO is currently trading.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

DOGE holders may sell if it rises above key accumulation zone

DOGE holders may sell if it rises above key accumulation zone

DOGE will reclaim a key level if it rises by 5%, and traders will likely sell as they break even. DOGE's social volume has reached its lowest level in the past year. DOGE has underperformed other top meme coins year-to-date.

More Dogecoin News

SEC vs. Coinbase: Coinbase attorney's arguments fail to convince judge

SEC vs. Coinbase: Coinbase attorney's arguments fail to convince judge

SEC vs. Coinbase hearing on Thursday addresses the exchange’s demand that Chair Gary Gensler should testify. Coinbase Attorney Kevin Schwartz’s arguments fail to convince Judge Katherine Polk Failla.

More Cryptocurrencies News

Ethereum on-chain activity reveals mixed signals amid declining inflation

Ethereum on-chain activity reveals mixed signals amid declining inflation

Ethereum could rally in Q3 following reduced US inflation and launch of spot ETH ETFs. Ethereum's on-chain activity shows mixed sentiment among investors. Bearish exhaustion candle could signify a downturn for ETH if SEC delays ETH ETF approval.

More Ethereum News

Biden's veto stands, banks unable to  provide custody services for crypto

Biden's veto stands, banks unable to  provide custody services for crypto

US House failed to muster a two-thirds vote to overturn President Biden's veto of Joint Resolution 109. Several Democrats failed to support a repeal of the President's veto despite the increasing role of the crypto industry in the upcoming election.

More Cryptocurrencies News

Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors

Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors

Bitcoin (BTC) price is having its worst week of the year, influenced by selling activity among BTC miners and heavy transfers of Bitcoins to exchanges by Mt Gox and the German Government. 

Read full analysis

BTC

ETH

XRP