Connect with us
Active Currencies 14880
Market Cap $2,227,052,547,215.50
Bitcoin Share 50.92%
24h Market Cap Change $1.39

Can Lido continue defending $1.5?

2min Read

Lido bulls have continuously defended the $1.5 level in September. Will the trend repeat and front a short-term reversal?

Lido price analysis

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Lido fluctuated above $1.5 in early September.
  • Funding rates were increasingly negative at press time. 

Lido [LDO] price performance remained muted in September as the market recorded low volatility. It fluctuated above $1.5 over the same period, underscoring the level as a key short-term support. 


Is your portfolio green? Check out the LDO Profit Calculator 


But an elevated sell pressure on Saturday, 9 September, threatened to crack the support. 

In the meantime, Bitcoin [BTC] hovered near the range-low of $25.7k and could set LDO to extend the price consolidation above $1.5 in the short term. 

Will $1.5 support stop the sell pressure?

Lido price analysis

Source: LDO/USDT on TradingView

Between mid-August and early September, Lido fluctuated within the $1.7 – $1.5 range. The range-high near $1.7 had a confluence with an H12 bearish order block (OB) of $1.67 – $1.74 (red). 

At press time, the sharp price rejection at $1.6 dropped LDO lower towards the key short-term support of $1.5. If the previous trend continues, the $1.5 could ease the weekend sell pressure.

Such a move could set LDO to rebound towards 50-EMA (Exponential Moving Average) or the bearish OB of $1.67 – $1.74. However, LDO could head lower to $1.380 if an extreme short-term sell pressure cracks the $1.5 support. 

Meanwhile, the RSI and CMF retreated deeper into the lower ranges, reinforcing elevated selling pressure and capital outflows from the LDO market. 

Lido had negative funding rates

Lido price analysis

Source: Coinalyze

From Coinalyze’s 1-hour chart, Lido chalked negative funding rates in the past few days, underscoring a bearish bias. 


How much are 1,10,100 LDOs worth today


However, the Open Interest rates improved over the same period and only eased from 8 September. It shows demand for Lido in the derivatives market improved but waned from 8 September. 

The CVD (Cumulative Volume Delta) also rose in early September but eased from 8 September. It demonstrates that sellers gain more market control from 8 September. However, if bulls defend it, sellers could exit the market at $1.5 support. 

Share

Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.