< img width="1200" height="628" src="https://image.coinpedia.org/wp-content/uploads/2023/01/05171713/LIDO-1200x628.png" alt="Lido" data-main-img="1" decoding="async" fetchpriority="high"/ >
In this bearish market belief, Nansen’s CEO, Alex Svanevik has actually made a considerable relocation that might activate a sharp cost drop in Lido DAO (LDO). On September 6, 2024, the on-chain analytic company Lookonchain made a post on X (formerly Twitter) that the CEO had actually disposed 3 million LDO tokens worth $2.89 million to Coinbase.
Nansen CEO’s Bearish Move
According to the report, Alex is a preliminary DAO member of the Lido job and got 5 million LDO tokens worth $4.9 million on December 17, 2024. Before the market belief turned bearish and significant cryptocurrencies experienced significant cost drops, he disposed 60% of his overall LDO holding.
This enormous dump by the CEO is a considerable bearish relocation and it has the prospective to activate a significant sell-off in the coming days. Presently, Bitcoin’s (BTC) rate has actually decreased by over 4.5%, moving the general market belief to very bearish.
Lido DAO (LDO) Price Prediction
According to the professional technical analysis, LDO appears bearish and is presently trading near an important assistance level of $0.90. If the rate falls and likewise closes an everyday candle light listed below this level, there is a high possibility it might stop by nearly 50% to the $0.47 level in the coming days.
Source: Trading View
This cost forecast is based on the greater time frame, and this thesis will just work if the LDO weekly candle light closes listed below the $0.90 level, otherwise, it will be void.
Secret Bearish Metrics
CoinGlass’s LDO Long/Short Ration chart likewise supports this bearish outlook. This ratio presently stands at 0.865, suggesting a prospective bearish pattern. LDO’s open interest has actually increased by 2.10% in the last 24 hours, showing growing interest from traders amidst the cost decrease.
Source: CoinGlass
According to the information, when the Long/Short ratio falls listed below 1 and the open interest increases, it signifies a prospective bearish pattern. Traders typically utilize this mix to brief properties. Currently, 54.68% of leading traders are holding brief positions, while just 45.32% remain in long positions.
Existing Price Momentum
At press time, LDO is trading near the $0.94 level and has actually experienced a rate drop of over 3.7% in the last 24 hours. Its trading volume has actually increased by 15% throughout the very same duration, suggesting the possible involvement of brief traders amidst bearish market belief.
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