- Lido DAO, it seems, is dancing to a rather mournful tune, with another 38.3% plunge looming like a hungry bear. 🐻 📉
- The price clings to a key support level, tested only twice in two years – a last stand for the bulls? Or perhaps a desperate plea for mercy? 🤔
Lido DAO [LDO], oh dear LDO, has succumbed to another support level breach. Since February’s tumble below its 3-month range, LDO has shed a substantial 43% in just over two weeks. 😮
Gone is the psychological comfort of the $1 level, and now LDO trembles on the precipice of falling below the $0.88 support – a level last seen in September 2024. 🍂
Before September’s gloom, the last time LDO grazed near $0.9 was back in November 2022, a time when the FTX implosion sent shivers down the spines of even the bravest investors. 😨 LDO plummeted to a low of $0.872, a sobering reminder of market volatility.
If this relentless momentum persists, dear reader, LDO could very well tumble below the $0.88 level. 😨
What Lies Beyond the Abyss?
Ah, the Fibonacci retracement and extension levels, those cryptic guides to future price movements. 🔮 They often reveal the path ahead, but in this case, the current price drop might not have reached its nadir yet.
Hence, we turn to the November rally, a time of fleeting hope, to plot these levels. The price stalled briefly at the 78.6% retracement level, only to succumb to the relentless selling pressure, breaching the 100% level. The next target? A chilling prospect: the 23.6% level at $0.545. 🥶
Should LDO plunge to such depths, it would carve out new multi-year lows. The $0.545 level aligns ominously with the $0.46 and $0.5 support levels that LDO bulls valiantly defended back in June 2022.
Caution, dear investor, is paramount. The risks are high, as are the potential rewards. Purchasing LDO at these levels is akin to dancing with the devil; the trend is firmly bearish, and technical indicators scream of oversold territory. 💀
The RSI, a measure of momentum, languishes in oversold territory, while the OBV, a volume indicator, churns out new lows alongside the price, a testament to the sheer force of selling pressure.
The downtrend, my friend, shows no signs of relenting. The $0.88 level, a beacon of support in the past two years, may prove to be no match for this relentless bearish tide. 🌊
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2025-03-12 00:10