Chainlink (LINK) And Lido Dao (LDO) Hint A 10% Plunge This Week?

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.

Moreover, top altcoins have displayed a similar price trend by experiencing a significant correction in their respective portfolios. Further, top Ethereum-based tokens such as Chainlink and Lido Dao have each recorded a correction of over 5% in their valuations.

Planning on investing in these altcoins but concerned about the ongoing cross-border market correction? Dive in as, in this article, we have covered the market sentiments and price analysis of Chainlink (LINK) and Lido Dao (LDO) tokens.

Chainlink Price Breaks Down Its Crucial Support Level:

The LINK price, with a correction of 8.95% within the past day has plunged below its crucial support level, indicating increased bearish sentiment for the altcoin in the crypto market. Moreover, it has dropped 7.12% within the past seven days and 26.63% over the past 30 days.

The technical indicator, MACD, displays a constant decline in the green histogram, indicating increased bearish sentiment in the market. Further, the averages show a high possibility of a negative crossover, suggesting the Chainlink price will continue losing 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 holds the Chainlink price above the support level of $13.275, the bulls will regain momentum and prepare to test its upper resistance level of $15.050. Conversely, if the bears overpowered the bulls, the LINK crypto price would plunge toward its low of $11.775.

LDO Price On The Verge Of 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. Further, 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) displays 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.

Furthermore, 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 continue to dominate the market, the Lido price will prepare to test its crucial support level of $1.50 this month. However, if the bulls regain momentum, the LDO token will head toward its upper resistance level of $2.235.