- 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
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.
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