Nansen CEO Alex Svanevik Dumped 3M LDO Tokens, Triggering a Potential 50% Price Drop
- WBOYOriginal
- 2024-09-07 03:28:10749browse
LDO price could drop by almost 50% to the $0.47 level if it closes a daily candle below the $0.90 level.
In a recent development, the CEO of on-chain analytic firm Nansen has sold 3 million Lido DAO (LDO) tokens, valued at approximately $2.89 million, and transferred them to Coinbase, as reported by Lookonchain.
Alex Svanevik, the CEO in question, had initially received 5 million LDO tokens when he joined the Lido project in December 2024. At the time, these tokens were worth around $4.9 million.
However, with the market shifting and cryptocurrencies experiencing significant price drops, Svanevik appears to have sold off a substantial portion of his LDO holdings.
This massive token sale by a high-profile figure in the crypto industry has sparked speculation regarding its potential impact on the market.
Given the bearish market sentiment, with Bitcoin (BTC) prices declining by over 4.5%, and major cryptocurrencies experiencing notable price drops, Svanevik's actions could further amplify the bearish pressure.
According to an expert technical analysis, LDO appears to be trading at a crucial support level of $0.90, based on the higher time frame. If the price falls and closes a daily candle below this level, it could potentially drop by almost 50% to the $0.47 level in the coming days.
However, this analysis is valid only if the LDO weekly candle closes below the $0.90 level.
CoinGlass's LDO Long/Short Ration chart also indicates a potential bearish trend, with the ratio currently standing at 0.865. LDO's open interest has also increased by 2.10% in the last 24 hours, indicating growing interest from traders amid the price decline.
When the Long/Short ratio falls below 1 and the open interest rises, traders often interpret it as a bearish signal. At present, 54.68% of top traders are holding short positions, while only 45.32% are in long positions.
As of writing, LDO is trading around the $0.94 level, having experienced a price drop of over 3.7% in the last 24 hours. Its trading volume has also increased by 15% during the same period, potentially indicating the involvement of short traders amid the bearish market sentiment.
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