So far in Q3, Lido sellers have exerted market dominance. Recently, the $1.7 hurdle has offered market re-entries for sellers.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Open Interest rates have been on a steady decline in Q3 2023., sellers have reigned as early as mid-July, meaning shorting the asset yielded impressive gains. According to TradingView, LDO was down 25% in Q3 as of press time level of $1.53.Lido’s 12-hour chart was bearish as of press time.
The extra price dump in August left a bearish order block of $1.67 – $1.74 . The bearish OB has been a sticky resistance in the last two weeks, presenting Lido sellers with shorting opportunities. The dynamic 50-EMA recently stretched into the above bearish OB, further cementing a crucial roadblock in the next few days. So, another price rejection at the level could offer extra shorting gains with an entry at $1.65, take-profit at $1.54, and exit at $1.7.
However, a move beyond $1.7 and a subsequent close above the bearish OB will invalidate the short idea. Such a move will flip the higher timeframe structure to bullish, giving bulls a little leverage. Meanwhile, the RSI was negative as CMF went southwards, demonstrating selling pressure loomed large and capital inflows dropped.According to Coinglass, Lido’s Open Interest rates have dropped from >$70 million in July to below $40 million at publication. The decline underscores a steady drop in demand for Lido in the derivatives segment – a long-term bearish bias.
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