In November, the Lido DAO price (1) dropped half its market value. Unrestricted order blocks are present at $1.60 for LDO. If $1.10 is breached, the bullish argument will be proven false. While the rest of the market succumbs to Bitcoin's lackluster rebound, the Lido DAO price seems to rise. The LDO technicals show a dangerous countertrend opportunity as the market may prepare for another downturn. Traders should exercise great care if they plan to work with the LDO token.
The price of Lido DAO indicates a risky play.
In the upcoming hours, the LDO price may provide a dangerous wager. The value of the virtual currency has decreased by 50% since November 6. After declining, the bulls have demonstrated retaliation actions worth monitoring. A further countertrend relocation shouldn't be ruled out as an option.
Since the bulls were able to break through the 8-day exponential moving average, the LDO price is now auctioning at $1.23. (EMA). The LDO price is still above the trend indication after two days of retests, strengthening the notion that the bulls are prepared to fight for last-minute gains. At the $1.60 level, a daily order block has not yet been labeled. Before the predicted BTC fall, the bulls in the market may be attempting to stabilize the level for a short 30% profit jump in the next hours.
What traders should be concerned about
However, traders wishing to participate in the move must be cautious because Bitcoin's pennant consolidation might end at any time with a ferocious downward surge. The bullish debunking is the $1.10 8-day EMA support. Should the bears close below the low, another decline may target the last congestion area below $0.61. Due to this action, the value would decrease by 50% from the present market value.