Lido DAO Token Trades at $1.50 Amid Increased Sell-Off Pressure
DeFi tokens are facing challenges, with Lido DAO (LDO) experiencing significant supply inflows. Currently priced at $1.56, LDO shows an intraday decrease of 1.39%. The token is struggling near a critical support level.
Lido DAO Price Action
- LDO failed to break the resistance at $2.38, resulting in a 36% decline over nine consecutive bearish candles.
- The price tested the 50% Fibonacci level at $1.49 and experienced a 5.4% rebound but could not surpass the 61.80% Fibonacci level.
- An evening star reversal pattern indicates potential further downside pressure on support levels.
Whale Selling Pressure
- Chung Wang, founder of F2Pool and Stakefish, sold 2.5 million LDO tokens for $4.5 million USDT recently.
- Since November 21, 2024, he has sold a total of 6.1 million LDO tokens valued at $10.42 million USDT.
- This selling spree raises concerns about market liquidity and potential further sell-offs.
Resistance Levels and Recovery Potential
- Despite the recent sell-off, LDO shows signs of a potential rebound as it tests the lower boundary of its parallel channel.
- The TD Sequential indicator on the 12-hour chart signals a potential buy opportunity.
- Key price targets for recovery are set at $1.95 and $2.38, contingent upon closing above $1.66.
- Support levels below $1.50 include $1.33 and $1.16; failure to hold may lead to a drop toward $1.00.