In this bearish market sentiment, Nansen’s CEO, Alex Svanevik has made a significant move that could trigger a sharp price drop in Lido DAO (LDO). On September 6, 2024, the on-chain analytic firm Lookonchain made a post on X (previously Twitter) that the CEO had dumped 3 million LDO tokens worth $2.89 million to Coinbase.
Nansen CEO’s Bearish Move
According to the report, Alex is an initial DAO member of the Lido project and received 5 million LDO tokens worth $4.9 million on December 17, 2024. However, before the market sentiment turned bearish and major cryptocurrencies experienced notable price drops, he dumped 60% of his total LDO holding.
This massive dump by the CEO is a significant bearish move and it has the potential to trigger a major sell-off in the coming days. Currently, Bitcoin’s (BTC) price has declined by over 4.5%, shifting the overall market sentiment to extremely bearish.
Lido DAO (LDO) Price Prediction
According to the expert technical analysis, LDO appears bearish and is currently trading near a crucial support level of $0.90. If the price falls and also closes a daily candle below this level, there is a high possibility it could drop by almost 50% to the $0.47 level in the coming days.
However, this price prediction is based on the higher time frame, and this thesis will only work if the LDO weekly candle closes below the $0.90 level, otherwise, it will be invalid.
Key Bearish Metrics
CoinGlass’s LDO Long/Short Ration chart also supports this bearish outlook. This ratio currently stands at 0.865, indicating a potential bearish trend. Meanwhile, LDO’s open interest has increased by 2.10% in the last 24 hours, indicating growing interest from traders amid the price decline.
According to the data, when the Long/Short ratio falls below 1 and the open interest rises, it signals a potential bearish trend. Traders often use this combination to short assets. As of now, 54.68% of top traders are holding short positions, while only 45.32% are in long positions.
Current Price Momentum
At press time, LDO is trading near the $0.94 level and has experienced a price drop of over 3.7% in the last 24 hours. Meanwhile, its trading volume has increased by 15% during the same period, indicating the potential participation of short traders amid bearish market sentiment.
Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0
CFN Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed