Nansen CEO Dumps 3M Lido DAO (LDO) on Coinbase, Price Crash Coming?
The post Nansen CEO Dumps 3M Lido DAO (LDO) on Coinbase, Price Crash Coming? appeared first on Coinpedia Fintech News
In this bearish market sentiment, Nansen’s CEO, Alex Svanevik has made a significant move that could trigger a sharp price drop in Lido DAO (LDO). On September 6, 2024, the on-chain analytic firm Lookonchain made a post on X (previously Twitter) that the CEO had dumped 3 million LDO tokens worth $2.89 million to Coinbase.
Nansen CEO’s Bearish Move
According to the report, Alex is an initial DAO member of the Lido project and received 5 million LDO tokens worth $4.9 million on December 17, 2024. However, before the market sentiment turned bearish and major cryptocurrencies experienced notable price drops, he dumped 60% of his total LDO holding.
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This massive dump by the CEO is a significant bearish move and it has the potential to trigger a major sell-off in the coming days. Currently, Bitcoin’s (BTC) price has declined by over 4.5%, shifting the overall market sentiment to extremely bearish.
Lido DAO (LDO) Price Prediction
According to the expert technical analysis, LDO appears bearish and is currently trading near a crucial support level of $0.90. If the price falls and also closes a daily candle below this level, there is a high possibility it could drop by almost 50% to the $0.47 level in the coming days.
Source: Trading View
However, this price prediction is based on the higher time frame, and this thesis will only work if the LDO weekly candle closes below the $0.90 level, otherwise, it will be invalid.
Key Bearish Metrics
CoinGlass’s LDO Long/Short Ration chart also supports this bearish outlook. This ratio currently stands at 0.865, indicating a potential bearish trend. Meanwhile, LDO’s open interest has increased by 2.10% in the last 24 hours, indicating growing interest from traders amid the price decline.
Source: CoinGlass
According to the data, when the Long/Short ratio falls below 1 and the open interest rises, it signals a potential bearish trend. Traders often use this combination to short assets. As of now, 54.68% of top traders are holding short positions, while only 45.32% are in long positions.
Current Price Momentum
At press time, LDO is trading near the $0.94 level and has experienced a price drop of over 3.7% in the last 24 hours. Meanwhile, its trading volume has increased by 15% during the same period, indicating the potential participation of short traders amid bearish market sentiment.
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