Chainlink (LINK) and Lido Dao (LDO) Price Analysis: Market Correction Takes Its Toll

With the ongoing market turmoil, the cryptocurrency market has recorded a correction of 4.39% in valuation within the past day. Top tokens have plunged below their crucial/important support levels, indicating a rising bearish sentiment in the crypto space.

The cryptocurrency market has witnessed a downturn, with top tokens experiencing a collective decline in valuation. This trend is indicative of a rising bearish sentiment within the crypto space.

Among the top altcoins, a notable price adjustment has occurred. Several top Ethereum-based tokens, such as Chainlink and Lido Dao, have each recorded a correction of over 5% in their respective valuations.

If you're considering investing in these altcoins but are concerned about the ongoing cross-border market correction, continue reading. In this article, we'll delve into the market sentiments and provide a price analysis of Chainlink (LINK) and Lido Dao (LDO) tokens.

Chainlink Price Drops Below Crucial Support Level

The LINK price has undergone a substantial correction of 8.95% within the past day, leading it to drop below its crucial support level. This development signifies an increasing bearish sentiment for the altcoin within the crypto market.

Moreover, the Chainlink price has declined 7.12% over the past seven days and 26.63% over the past 30 days.

Examining the technical indicators, the MACD showcases a persistent decline in the green histogram, which is indicative of an increasing bearish sentiment in the market. Additionally, the averages demonstrate a high probability of a negative crossover, suggesting that the Chainlink price will continue to lose momentum this week.

On the other hand, the Cross EMA 50/200-day has recorded a Death Cross in the 1D time frame, highlighting a negative outlook for the altcoin in the coming time.

If the market manages to sustain the Chainlink price above the support level of $13.275, the bulls will be able to regain momentum and prepare to test its upper resistance level of $15.050. Conversely, if the bears were to overpower the bulls, the LINK crypto price would plunge toward its low of $11.775.

LDO Price Poised for a Major Breakdown

The Lido Dao price has recorded a correction of 3.56% within the past day and 28.04% over the past week. Furthermore, this altcoin has plunged 25.83% within the past 30 days and has a Year-to-Date (YTD) return of 35.79%.

The Moving Average Convergence Divergence (MACD) showcases a significant rise in the red histogram, highlighting an increase in the negative price action for the Lido Dao price in the market. Further, the averages record a similar trend, suggesting increased bear power in the market.

Moreover, the SMA indicator constantly acts as a resistance to the LDO crypto price chart, suggesting a weak bullish sentiment in the crypto space.

If the bears were to continue dominating the market, the Lido price will be preparing to test its crucial support level of $1.50 this month. However, if the bulls were to regain momentum, the LDO token will be heading toward its upper resistance level of $2.235.

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