Long

Lido DAO

Million

Coin

Lido DAO seems to be struggling near the psychological support of the $1.5 level. The price noted a sharp crash in the recent week, observing the impact of broader market weakness. 
The LDO price crashed nearly 20%, losing the recent gains. The recent decline caused the liquidation of almost $43 million long contracts, as a financial website app.santiemnt.net has shown.&nbsp; 
The lack of bullishness near the multi-month demand adds the risk of a further price decline. The absence of investors also acts as a resistance to any potential recovery the LDO price could witness.&nbsp; 
<h2 class="wp-block-heading" id="h-oi-data-suggests-long-unwinding-nbsp">OI Data Suggests Long Unwinding&nbsp;</h2> 
The Lido DAO price crashed to a psychological support level of $1.5 after a weekly fall of nearly 20%. Moreover, the recent price crash caused a significant amount of long unwinding.&nbsp; <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (LDO), Price (LDO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=lido-dao&amp;pt=LDO&amp;df=2024-06-08T18%3A30%3A01.463Z&amp;dt=2024-07-09T18%3A29%3A59.463Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe> 
As per the data obtained by an on-chain website, app.santiment.net, the open interest dropped from $120 Million contracts a week ago to nearly $77 Million OI contracts at press time. It suggested a long unwinding of nearly $43 Million contracts in the previous week. 
It also indicated a reduction in the number of outstanding contracts or positions held by the traders and Investors and a decreased market activity. 
Moreover, the intraday transaction volume has dropped by 7.6% to $130.0 Million a day. When writing, its market capitalization was $1.433, ranking 54th in the cryptoverse.&nbsp; 
<h2 class="wp-block-heading" id="h-lido-dao-technical-analysis">Lido DAO Technical Analysis</h2> 
The broader crypto market has headed for a recovery after a sharp fall in the last couple of sessions. On the other hand, Lido DAO is still looking for buyers near the demand zone. The lack of buyers at the demand increased the price failure risk.  
<a href="https://in.tradingview.com/chart/LDOUSD/9OOaK9l9-Lido-DAO-Records-43-Million-Outflows-as-Price-Crashed-20-A-wee/"> </a>&nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a>&nbsp; <a href="https://in.tradingview.com/"> </a>  
Now, if the selling pressure exceeds and the price breaks below the psychological $1.5 level support, it may head toward the next support of the $1 level. Suppose the bulls establish their presence near the demand, the LDO price may take a rebound toward the highs.&nbsp; 
The technical indicators imply a neutral to a bearish outlook on a combined analysis at press time. The LDO price hovers below the key exponential moving average of 50 and 200 days, indicating a bearishness. The RSI and the 14 day SMA line have started converging, indicating a neutral stance.&nbsp; 
<h3 class="wp-block-heading" id="h-can-lido-dao-recover-or-slump-again">Can Lido DAO Recover or Slump Again?</h3> 
Lido DAO price was hovering near the critical support of $1.5, with recent market trends causing a significant drop. The cryptocurrency faces a potential decline due to a lack of buyers near its demand zone. On-chain data from app.santiemnt.net shows a decrease in open interest from $120 million to $77 million, indicating a $43 million long unwinding and reduced market activity.&nbsp; 
If selling pressure persists and the price falls below $1.5, it could drop to $1. Conversely, if demand picks up, a price rebound is possible. The technical indicators suggest a neutral to bearish sentiment. 
The post <a href="https://www.thecoinrepublic.com/2024/07/09/lido-dao-records-43-million-outflows-as-price-crashed-20-a-week/">Lido DAO Records $43 Million Outflows As Price Crashed 20% A week</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Lido DAO Records $43 Million Outflows As Price Crashed 20% A week

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Thecoinrepublic.com

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