Lido bulls have continuously defended the $1.5 level in September. Will the trend repeat and front a short-term reversal?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Funding rates were increasingly negative at press time.
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.But an elevated sell pressure on Saturday, 9 September, threatened to crack the support.hovered near the range-low of $25.7k and could set LDO to extend the price consolidation above $1.5 in the short term.Between mid-August and early September, Lido fluctuated within the $1.7 – $1.5 range. The range-high near $1.
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.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.From Coinalyze’s 1-hour chart, Lido chalked negative funding rates in the past few days, underscoring a bearish bias.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 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.
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