Lido DAO

Overnight

<ul class="list-ic vertical"> 
 <li> 1 <a>Lido DAO token price failed to cross the trendline mark and faced a sharp rejection overnight.</a> </li> 
 <li> 2 <a>The SEC has posted allegations against its MetaMask officer regarding the staking feature.</a> </li> 
 <li> 3 <a>A descending triangle pattern was observed on the charts.</a> </li> 
</ul> 
The Lido DAO (LDO) token has faced allegations from the Securities and Exchange Commission (SEC) against its MetaMask officer regarding the staking feature of LDO and RPL. 
The SEC claims that Consensys has sold Staked tokens through unregistered transactions on the MetaMask Stake platform. 
After this news, a sharp selloff happened, leading the price to drop over 16% overnight. 
Amidst the price recovery in the last week, the token could not obtain enough strength to cross multiple barriers in a single go. 
Notably, near the $2 mark, a downward-sloping trendline and multiples cluster of exponential moving averages was placed. It was quite tricky for bulls to cross multiple blocks and faced a sharp selloff with strong volumes. 
However, the Lido DAO token was consistently retraced and might not drop ahead. Recently, it has flipped from the demand zone of $1.50 and made a double bottom there. 
Meanwhile, the LDO token has slipped below its key EMA’s support zone, and its previous five-day low of $2 signifies a negative outlook for the upcoming sessions. 
At press time, the Lido DAO (LDO) token was traded at $1.93 with an intraday drop of 13.36%, reflecting neutrality on the charts. It has a monthly return ratio of -14.90% and 15.20% yearly, reflecting short-term retracement. 
The pair of LDO/BTC is at 0.0000324 BTC, and the market cap is $1.76 Billion. Analysts are neutral and suggest that the LDO price may face volatile moves and might retain the $2 mark shortly. 
<h2 class="wp-block-heading" id="strong-the-lido-dao-ldo-price-dropped-over-16-overnight-strong">The Lido Dao (LDO) Price Dropped Over 16% Overnight</h2> 
The Lido Dao token (LDO) had made consecutive doji candlesticks in the past three sessions and failed to gain momentum near the 200-day EMA mark. 
In yesterday’s session, SEC allegations brought negative sentiments, and sellers reactivated their strength and succeeded in their mission. After that, a long, bearish engulfing candlestick was made, which erased over 16% of gains in just a few hours. 
Lido DAO token (LDO) price did not manage to hold the $2 mark and faced a sharp throwback in yesterday’s trading session.&nbsp;  
<a href="https://www.tradingview.com/chart/LDOUSDT/R0yQiWZi-LDO-Price/"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/"></a><a href="https://www.tradingview.com/"></a>  
Source: TradingView 
Moreover, the token has smashed below the $2 mark, and buyers seem trapped. The lower low swings continued to form for the past weeks, and the token has been corrected by over 35% in the last two months. 
Its RSI curve conveyed a bearish crossover and slipped below the midline region, while the MACD indicator plotted the red bars on the histogram. 
Per the Fib levels, the <a href="https://www.thecoinrepublic.com/2023/01/31/lido-dao-ldo-price-prediction-will-the-ldo-token-price-bounce-back-from-the-demand-zone/" target="_blank" rel="noreferrer noopener">LDO token</a> failed to cross the 38.2% zone and faced rejection. 
<h3 class="wp-block-heading" id="strong-sharp-speculation-observed-in-weighted-sentiment-and-volatility-data-strong">Sharp Speculation Observed in Weighted Sentiment and Volatility Data&nbsp;</h3> 
Its weighted sentiment data witnessed a tremendous decline of over 43% and dropped to the negative region around -1.69, revealing a negative outlook. <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (LDO), Price Volatility 1d (LDO)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=toncoin&amp;pt=TON&amp;df=2023-12-29T18%3A29%3A59.626Z&amp;dt=2024-06-29T18%3A29%3A59.626Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsentiment_volume_consumed_total%3Blido-dao%3BLDO%5D%3B%5B1%3Bprice_volatility_1d%3Blido-dao%3BLDO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B" scrolling="no"></iframe> 
Source: Santiment 
Likewise, the price volatility data observed a gigantic rise of over 320%, implying sharp selling pressure in the last hours. 
A tweet on the X platform indicated that LDO had faced a negative impact after the SEC allegations, which resulted in a severe drawdown. 
<center>
 <blockquote class="twitter-tweet">
 Today's news of the SEC vs <a href="https://twitter.com/LidoFinance?ref_src=twsrc%5Etfw">@LidoFinance</a> resulted in a -23.79% draw down. Prior to today, we already knew: 1⃣ <a href="https://twitter.com/search?q=%24LDO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LDO</a> got a wells notice so legal action was likely 2⃣The SEC denying staking in the ETH ETF was likely suggestive of its stance staked ETH is a security 3⃣ <a href="https://twitter.com/search?q=%24RPL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RPL</a> only went… <a href="https://t.co/K2rtMNfqZC">pic.twitter.com/K2rtMNfqZC</a>— CryptoCondom (@crypto_condom) <a href="https://twitter.com/crypto_condom/status/1806857518301237458?ref_src=twsrc%5Etfw">June 29, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
Source: X 
The immediate support levels for the Lido DAO (LDO) token are $1.70 and $1.30, whereas the key upside hurdle is around $2.40, followed by $2.80 
<h3 class="wp-block-heading" id="strong-could-ldo-stretch-the-downmove-ahead-strong">Could LDO Stretch the Downmove Ahead?</h3> 
The Lido DAO token price dragged below the key moving averages and breached the $2 mark, revealing a panic selloff in the overnight session. Meanwhile, the token has multiple supports placed near the $1.50 and does not have much downside visible ahead. 
<h4 class="wp-block-heading">Disclaimer</h4> 
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Lido DAO Crashed 16% Overnight Post SEC Allegations: What’s Next

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Thecoinrepublic.com

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