Altcoins
Chainlink (LINK) and Lido Dao (LDO) Predict 10% Drop This Week?
With the current market turbulence, the cryptocurrency market has seen a 4.39% correction in valuation over the past day. Major tokens have fallen below their crucial/important support levels, indicating a growing bearish sentiment in the cryptocurrency space.
Additionally, major altcoins have shown similar price action, experiencing significant corrections in their respective portfolios. Additionally, major Ethereum-based tokens such as Chainlink and Lido Dao have each seen corrections of over 5% in their valuations.
Thinking of investing in these altcoins but worried about the ongoing cross-border market correction? Dive in, because in this article we have covered the market sentiment and price analysis of Chainlink (LINK) and Lido Dao (LDO) tokens.
Chainlink Price Breaks Its Crucial Support Level:
THE Price LINKwith a correction of 8.95% in the last day it has plunged below its crucial support level, indicating a growing bearish sentiment for the altcoin in the cryptocurrency market. Furthermore, it has dropped by 7.12% in the last seven days and by 26.63% in the last 30 days.
TradingView: LINK/USDT
The technical indicator, MACD, shows a steady decline in the green histogram, indicating a growing bearish sentiment in the market. In addition, the averages show a high possibility of a negative crossover, suggesting that Chain price will continue to lose momentum this week.
On the other hand, the 50/200-day EMA Cross recorded a Death Cross in the 1D time frame, highlighting a negative outlook for the altcoin in the near future.
If the market holds Chainlink price above the $13,275 support level, the bulls will regain momentum and prepare to test its upper resistance level of $15,050. On the contrary, if the bears overwhelm the bulls, the LINK cryptocurrency price will plummet towards its low of $11,775.
LDO price is on the verge of a major crash:
THE Lido Dao Price has corrected by 3.56% in the last day and 28.04% in the last week. Furthermore, this altcoin has fallen by 25.83% in the last 30 days and has a Year-to-Date (YTD) return of 35.79%.
TradingView: LDO/USDT
The Moving Average Convergence Divergence (MACD) shows a significant increase in the red histogram, highlighting an increase in the negative price action for the Lido Dao price in the market. In addition, the averages are following a similar trend, suggesting an increase in the bearish power in the market.
In addition, the SMA indicator constantly acts as a resistance to the LDO Cryptocurrency Price chart, which suggests weak bullish sentiment in the cryptocurrency sector.
If bears continue to dominate the market, Lido price will prepare to test its crucial support level of $1.50 this month. However, if bulls regain momentum, LDO token will head towards its upper resistance level of $2,235.