Analyzing the recent price movements and potential recovery for Lido DAO （LDO） as it struggles to maintain key support levels.
Points
- LDO price under bearish pressure, trading below key moving averages.
- Descending triangle pattern indicates potential bearish continuation.
- Immediate support at $1.50, with resistance at $2.00 and $2.30.
- Open interest dropped over 8%, signaling a long unwinding move.
- Bulls attempting to secure the $1.50 region for a potential rebound.
Lido DAO （LDO）, the leading liquid staking protocol on the Ethereum network, has faced significant bearish pressure since the beginning of the year. Despite multiple attempts to reverse the downtrend, LDO has continued to trade under bearish conditions, failing to break out of a descending triangle pattern.
LDO has been forming lower lows, staying in a persistent downtrend. Despite the bulls’ efforts to turn the tide, a small bearish onslaught could potentially keep the price confined to its bearish trajectory. Trading below key moving averages, LDO is currently at a critical support zone of $1.50, with immediate resistance levels at $2.00 and $2.30.
The open interest for LDO has dropped by over 8% to $85.38 million, signaling a long unwinding move in the past 24 hours. This reduction in open interest indicates that traders are closing out their long positions, reflecting a lack of confidence in a near-term bullish reversal.
The pair of LDO/BTC is currently trading at 0.0000244 BTC, with a market cap of $1.40 billion. Analysts remain neutral, suggesting that the LDO price may consolidate around its demand zone of $1.50 ahead. Despite multiple attempts in the past, bulls have failed to achieve a sustained upward movement, remaining on the back foot.
解説
- Descending Triangle Pattern: A bearish chart pattern characterized by a horizontal lower trendline and a descending upper trendline, indicating a potential continuation of the downtrend.
- Open Interest （OI）: The total number of outstanding derivative contracts, such as options or futures, that have not been settled. A drop in OI often suggests that traders are closing their positions.
- Long Unwinding: The process of closing long positions in a security, typically leading to a decrease in its price.
For Lido DAO to secure a meaningful recovery, bulls need to maintain the critical support at $1.50 and push the price above the key resistance levels. Monitoring the RSI curve and other technical indicators will be crucial in anticipating any potential reversal or continuation of the current trend.