Ad

Investors dump Lido DAO tokens as core supporters lose confidence

By:
on Aug 2, 2023
Listen
  • Lido DAO continues to plummet, losing crucial support levels.
  • Core supporters lose faith in the crypto project.
  • Lido DAO has recorded faded trader activity since early July, recently touching 2-month lows.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Lido DAO investors that have held for over a month & less than one year trimmed their LDO balances over the past three weeks. They dumped 5% of the altcoin’s circulating supply lately. From 430 million to 380 million LDOs, the project’s supporters have dropped 50 million altcoins.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Lido DAO supporters lose confidence

Copy link to section

The move to reduce their holdings confirms surged bearishness and faded confidence in the cryptocurrency project amid lack of price recoveries.

Also, trader activity within the last few days confirms the network’s deterioration. Lido DAO tokens have lost velocity since July started, recently touching two-month lows. Asset velocity measures the rate at which tokens move between wallets. High metric signals an active platform, whereas declines indicate increased bearishness or fear.

LDO holders appear to lose faith in the project, reducing their balances amid soaring bearishness. Nonetheless, the decision to trim holdings and inadequate investor support will mean price revival taking longer.

Lido DAO price poised for more dips

Copy link to section

Lido Dao has experienced price declines since mid-July. Moreover, the alt might witness more downsides as it lost crucial support barriers. While recent sideways cryptocurrency prices explains the narrative, inadequate backing from core investors catalyzed the bearishness.

LDO changed has $1.93 during this publication, recently surrendering the $2 psychological support following two consecutive weeks of plunges. The bearish path saw the token losing three dependable footholds at 50, 100, and 200-day EMAs.

The altcoin faced skepticism as the support turned into resistance. That welcomed faded faith, thus the decision to reduce LDO holdings.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
Altcoins Alternative Investment Crypto Crypto business DAO