Lido DAO Records $43 Million Outflows as Price Crashed 20% A wee
Lido DAO Records $43 Million Outflows as Price Crashed 20% A week
LDO price noted a drop of nearly 20% a week that took the price near the multi month support of $1.5 level.
In a week, the Open Interest has dropped from $120 Million to $77 Million.
Lido DAO seems to be struggling near a psychological support of $1.5 level. The price noted a sharp crash in the recent week observing the impact of broader market weakness.
The LDO price crashed nearly 20%, losing the recent gains. The recent decline caused the liquidation of nearly $43 million long contracts as evident from a financial website app.santiemnt.net.
The lack of bullishness near the multi month demand adds the risk of a further price decline. The absence of investors is also acting as a resistance to any potential recovery LDO could witness.
OI Data Suggests Long Unwinding
Lido DAO price crashed to a psychological support of $1.5 level, after a weekly fall of nearly 20%. Moreover, the recent price crash caused a significant amount of long unwinding.
<iframe title="Santiment Chart: Total Open Interest in USD (LDO), Price (LDO)" width="800" height="425" src="embed.santiment.net/chart?ps=lido-dao&pt=LDO&df=2024-06-08T18:30:01.463Z&dt=2024-07-09T18:29:59.463Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
As per the data obtained by an on-chain website app.santiment.net, the open interest dropped from $120 Million contracts a week ago to nearly $77 Million OI contracts as of now. It suggests a long unwinding of nearly $43 Million contracts in the previous week.
it suggests a reduction in the number of outstanding contracts or positions held by the traders and Investors, indicating a decreased market activity.
Moreover, the intraday transaction volume has dropped by 7.6% to $130.0 Million a day. It has a live market capitalization of $1.433 and ranks 54th in the cryptoverse.
Lido DAO Technical Analysis
While the broader market headed for a recovery after a sharp fall in the last couple of sessions. On the other side, Lido DAO is still looking for the buyers back near the demand zone. The lack of buyers at the demand adds the risk of a price failure again.
Now, if the selling pressures exceed and the price breaks below the psychological $1.5 level support, it may head towards the next support of $1 level. whereas, if the bulls establish their presence near the demand, the LDO price may take a rebound towards the highs.
The technical indicators imply a neutral to bearish outlook at the moment on a combined analysis. The LDO price hovers below the key exponential moving average of 50 and 200 days indicating a bearishness. while the RSI and 14 day SMA line has started converging indicating a neutral stance.
Can Lido DAO Recover or Slump Again?
Lido DAO price was hovering near the critical support of $1.5, with recent market trends causing a significant drop. The cryptocurrency faces a potential decline due to a lack of buyers near its demand zone. On-chain data from app.santiemnt.net shows a decrease in open interest from $120 million to $77 million, indicating a $43 million long unwinding and reduced market activity.
Currently, If selling pressure persists and the price falls below $1.5, it could further drop to $1. Conversely, if demand picks up, a price rebound is possible. The technical indicators suggest a neutral to bearish sentiment.
LDO price noted a drop of nearly 20% a week that took the price near the multi month support of $1.5 level.
In a week, the Open Interest has dropped from $120 Million to $77 Million.
Lido DAO seems to be struggling near a psychological support of $1.5 level. The price noted a sharp crash in the recent week observing the impact of broader market weakness.
The LDO price crashed nearly 20%, losing the recent gains. The recent decline caused the liquidation of nearly $43 million long contracts as evident from a financial website app.santiemnt.net.
The lack of bullishness near the multi month demand adds the risk of a further price decline. The absence of investors is also acting as a resistance to any potential recovery LDO could witness.
OI Data Suggests Long Unwinding
Lido DAO price crashed to a psychological support of $1.5 level, after a weekly fall of nearly 20%. Moreover, the recent price crash caused a significant amount of long unwinding.
<iframe title="Santiment Chart: Total Open Interest in USD (LDO), Price (LDO)" width="800" height="425" src="embed.santiment.net/chart?ps=lido-dao&pt=LDO&df=2024-06-08T18:30:01.463Z&dt=2024-07-09T18:29:59.463Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
As per the data obtained by an on-chain website app.santiment.net, the open interest dropped from $120 Million contracts a week ago to nearly $77 Million OI contracts as of now. It suggests a long unwinding of nearly $43 Million contracts in the previous week.
it suggests a reduction in the number of outstanding contracts or positions held by the traders and Investors, indicating a decreased market activity.
Moreover, the intraday transaction volume has dropped by 7.6% to $130.0 Million a day. It has a live market capitalization of $1.433 and ranks 54th in the cryptoverse.
Lido DAO Technical Analysis
While the broader market headed for a recovery after a sharp fall in the last couple of sessions. On the other side, Lido DAO is still looking for the buyers back near the demand zone. The lack of buyers at the demand adds the risk of a price failure again.
Now, if the selling pressures exceed and the price breaks below the psychological $1.5 level support, it may head towards the next support of $1 level. whereas, if the bulls establish their presence near the demand, the LDO price may take a rebound towards the highs.
The technical indicators imply a neutral to bearish outlook at the moment on a combined analysis. The LDO price hovers below the key exponential moving average of 50 and 200 days indicating a bearishness. while the RSI and 14 day SMA line has started converging indicating a neutral stance.
Can Lido DAO Recover or Slump Again?
Lido DAO price was hovering near the critical support of $1.5, with recent market trends causing a significant drop. The cryptocurrency faces a potential decline due to a lack of buyers near its demand zone. On-chain data from app.santiemnt.net shows a decrease in open interest from $120 million to $77 million, indicating a $43 million long unwinding and reduced market activity.
Currently, If selling pressure persists and the price falls below $1.5, it could further drop to $1. Conversely, if demand picks up, a price rebound is possible. The technical indicators suggest a neutral to bearish sentiment.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.