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Home»Altcoins»Lido weakens further: Late sellers, consider these levels
Altcoins

Lido weakens further: Late sellers, consider these levels

2023-07-30No Comments2 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • LDO shed over 20% value since mid-July, offering shorting gains. 
  • Futures market buying volumes muted as weak BTC persisted. 

Lido’s [LDO] extended drop from mid-July offered sellers an edge. Short-sellers enjoyed over 20% gains as LDO fell from $2.5 to $1.9. Over the same period, Bitcoin [BTC] lost hold of $30k and dropped below the range-low of $29.5k. The weakening BTC emboldened short-sellers to seek more ground.  


Is your portfolio green? Check out the LDO Profit Calculator


Can late sellers bag gains?

Source: LDO/USDT on TradingView

Weak BTC price action below $29.5k could offer selling opportunities for late sellers. At the time of writing, BTC faced another price rejection at the range-low of $29.5k but could bounce back from $29.0k. 

Back to Lido, the H4’s market structure and momentum were bearish, as denoted by lower lows since mid-July. With the weak BTC, LDO’s price action could stall at the $1.974 resistance level. 

If so, the late sellers could seek re-entry at the $1.97 resistance level. Conservative sellers could target the mid-July level of $1.87, but aggressive sellers could aim for the previous June range-low of $1.82. Both scenarios could offer a modest RR (Risk Reward ratio). 

In the past few days, the RSI (Relative Strength Index) and the CMF (Chaikin Money Flow) have stayed below the crucial threshold of 50 and zero marks, respectively. It showed buying pressure and capital inflows weakened, reinforcing sellers’ leverage. 

See also  Worldcoin price remains rangebound, but traders intensify accumulation

Buying volumes dipped; OI improved

lido ldo trading view

Source: Coinalyze


How much are 1,10,100 LDOs worth today? 


The sellers’ conviction, illustrated above, was further confirmed by Coinalyze’s 1-hour chart. Notably, CVD (Cumulative Volume Delta) registered a consistent decline from 26 July, indicating sellers controlled the market. 

Although the Open Interest (OI) rate declined over the same period, it made a U-turn from 28 July. However, bulls can be hopeful with the improved OI if the BTC fronts a strong reclaim of the $29.5k range-low. 

Source link

Late Levels Lido sellers weakens
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