Bears extended their dominance as price sunk to the $1.5 price zone. Where will Lido head next?
Bears extended dominance with the capture of critical price levelA look at the four-hour timeframe showed that the bullish defense of the $1.76 support had kept sellers away for close to a month. Despite the best efforts of the bulls, the selling pressure overwhelmed buyers leading to a collapse of the support level.
The two large drops on 15 August and 24 August could give sellers leverage to push for the January low of $1.25. On the flip side, bulls could mount another fightback, especially if BTC posts a strong bullish rebound. Looking at the chart indicators highlighted the dominance of sellers. The Relative Strength Index edged toward the oversold zone. The On Balance Volume’s sharp drop and flatline movement hinted at a disinterest in accumulating LDO.Whenever the price is on an extended decline and the Open Interest begins to fall with the price, it indicates a very strong bearish trend. However, while the OI fell alongside the price, the spot CVD rose.
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