Ritika_TCR

LDO Failed To Break Out Of Correction Phase: What’s Next?

Short
COINBASE:LDOUSD   Lido DAO
LDO Failed To Break Out Of Correction Phase: What’s Next?
The Lido DAO crypto suffered rejection from the higher boundary of the parallel declining channel pattern and dropped towards the support losing 20.10% this week. The downward move marks a continuation of the correction phase.

Moreover, the LDO crypto has been in a correction phase since February and has dropped nearly 50% from the annual highs. The higher boundary of a declining parallel channel pattern has been acting as a strong resistance.

Currently, the outlook could turn more bearish if the price falls beneath the critical support at $1.80. However, should the bulls manage to uphold this support level, there's potential for the cryptocurrency to initiate a recovery phase.
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