The short-term position of the Lido (LDO) continues to be compromised due to a market-wide correction phase, dragging the altcoin market into the mud. At the time of writing, the token is lost more than 20% in value, which represents a huge turnaround in investor sentiment. The market did not do any better after the defeat almost 2% in value, wiping out nearly $800 million in market capitalization in the last 24 hours.
Lido’s development continues despite the market’s apparent bearishness, the latest of which could send retail interest in the platform sky-high. However, with the market acting as a chaotic backdrop for LDO, this could come later than what investors and traders expect.
Lido DAO Announces Community Stake Early Adoption Program
Yesterday, October 5, Lido’s official X account announced the Community Staking Module (CSM) Early Adoption program, specifically designed for solo stakers who want to get a taste of the CSM environment before the initial launch.
Introducing the Community Staking Module Early Adoption Program: a unique opportunity for solo strikers
Eligible operators can benefit from: 1⃣ Early access to the CSM mainnet, avoiding competition from large staking entities for ETH allocations. 2⃣ A reduced need for… pic.twitter.com/x6N8oINq9l
— Lido (@LidoFinance) October 4, 2024
According to the
In addition to these benefits, eligible operators may also use twelve validators. According to Lido’s blog postthe limit will only be lifted after the early adoption phase.
To ensure that only solo strikers have the opportunity to participate in the program, Lido has created specific filter rules that check each applicant for eligibility for the program.
This development will ultimately stimulate retail interest in the platform, as it lowers the economic barrier to participation in the network. However, the strict rules regarding the eligibility of community members and network users to be part of the CSM Early Adoption Program hinder any potential long-term gains from the network, as only a handful of users can participate in the reduced financial burden this entails. the program.
Range of $0.88-$1.13 offers little promise for LDO
At the time of writing, the token is struggling to bear the weight of the bearish pressure that has taken the market by storm. LDO bulls do not have the same momentum as the bears, which could lead to a continuation of the downward trajectory in the short to medium term.
However, the token’s relative strength index indicates a possible medium-term reversal, which could lead to LDO maintaining its current trading range in the coming days.
Investors and traders should keep an eye on the broader market movement in the coming days as LDO’s correlation with major cryptocurrencies will play a major role in future price movement.
Featured image from Pexels, chart from TradingView
