![Lido Finance [LDO] emerges as the king of DeFi, but there is a problem](https://i.headtopics.com/images/2023/2/4/cryptoamb/lido-finance-ldo-emerges-as-the-king-of-defi-but-t-lido-finance-ldo-emerges-as-the-king-of-defi-but-t-1621653509660712962.webp)
The total value locked on Lido Finance went past $8 billion in January. Despite the feat, the protocol’s native token was down 5.82% at press time. Lido Finance [LDO] had a rollicking start to 2023 after it eclipsed MakerDAO [MKR] to become the biggest decentralized finance [DeFi] protocol, as per DappRadar. Moreover, the total value […]
market share in the ETH staking market was concerning. As per Dune Analytics, its share was just 29% at press time. Moreover, it faced increased competition from centralized exchanges like Coinbase.The protocol’s native token didn’t react positively to this big milestone. LDO dipped by 5.82% at the time of writing with a substantial drop in trading volume as well, data from CoinMarketCap showed.
A look at technical indicators revealed the gloomy picture. The Relative Strength Index had formed a bearish divergence with the price for the latter part of January. Though it was above neutral 50 at press time, there was a high chance of strengthening selling pressure in the coming days. The Chaikin Money Flow was deep in the negative territory, which gave a strong indication of bearish sentiment.Subscribe to get it daily in your inbox.
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