Main to remember
77% of LDO investors voted to buy but sold the assets instead, cumulative sales exceeding $ 3.5 million last day. In the meantime, the The derivative market has maintained its position.
Lido Dao (LDO) has led the market with a price increase of 13% in the last 24 hours. Ambcrypto noted that this influx of liquidity was largely driven by the financing of the derived market.
However, the sale pressure of centralized exchanges continues to grow, attenuating the potential for rising assets.
Investors sell despite the Haussier vote
Despite the bullish feeling, the sale continues. Depending on the community feeling of CoinmarketCap, 77% of 19,300 investors voted in favor of an increased decision for LDO during the last day.
Source: CoinmarketCap
However, data on the chain show another story. Spot Exchange Netflows indicates that investors have collectively sold a value of $ 3.5 million in LDO in the past 24 hours, which is despite the bullish votes.
Interestingly, this divergence has persisted for two days now, with a total of around $ 4.2 million on sale during this phase.
Source: Coringlass
This suggests that spot investors can treat bullish feeling as an opportunity to leave or accumulate at key levels.
The liquidity influx remains strong
About 40 million dollars have flocked to the derivative market, according to data of open interest in Coringlass.
Open interests measure the total value of unstable contracts – both long and short – with a given period. In the past 24 hours, OI has jumped more than 15% to 266 million dollars, reflecting the influx of $ 40 million.
Source: Coringlass
Ambcryptto’s gaze on liquidation data suggests that this thrust was largely motivated by long positions.
The open sellers took the greatest success during the last day, strengthening the idea that traders are betting more and more on the momentum upwards.
This can encourage more investors to go for a long time, adding additional funding to the market. However, the divergence being liquidity leaves the direction of the next major movement of LDO uncertain.
Will LDO become a flowing ship?
An analysis of the thermal liquidation card suggests that the price of LDO may be more likely to drop than the rally.
There are larger clusters of unstable liquidity below the current price than it. These bunches tend to act like magnets, pulling the price towards them.
Source: Coringlass
If LDO drops, it could fall to $ 1.05 as low, where there is a major cluster.
If the token rallies instead, the increase could be limited. The liquidity clusters above the current price only extend slightly – at around $ 1.27, a level close to the time of the press.
An evolution to $ 1.27 could quickly trigger a price reversal, defining LDO for a significant drop in days to come.
