Lido (LDO)’s short-term position remains at risk in the face of a market-wide correction phase, dragging the altcoin market into the mud. At the time of writing, the token exists lost More than 20% of the value, which represents a significant decline in investor sentiment. The market was not in a better position as it lost almost 2% in value, wiping out nearly $800 million in market cap in the past 24 hours.
Lido’s evolution continues despite the market’s apparent downtrend, the latest of which could send retail interest in the platform sky-high. However, with the market acting as a chaotic backdrop for LDO, it may come later than investors and traders expect.
Lido DAO announces Community Ownership Early Adoption Program
Yesterday, October 5, Lido’s official X account Announce Community Stake Module (CSM) early adoption program designed specifically for individual stakeholders who want a taste of the CSM environment before its initial launch.
Introducing the Community Stacking Unit Early Adoption Program: a unique opportunity for single participants
Eligible operators can benefit from the following: 1⃣ Early access to the CSM mainnet, avoiding competition from large entities for ETH allocations. 2⃣ Low requirements… pic.twitter.com/x6N8oINq9l
– Lido (@LidoFinance) October 4, 2024
According to a post by
In addition to these benefits, qualified operators are also permitted to operate 12 validators. According to Ledoux Blog postThe limit will not be raised until after the early approval phase.
To ensure that only individual participants have the opportunity to enter the program, Lido has established specific nomination rules that will verify each applicant if they are eligible for the program.
This development will ultimately stimulate retail interest in the platform as it lowers the economic barrier to participating in the network. However, its strict rules regarding the eligibility of community members and network users to be part of the CSM Early Adopter Program hampers any potential long-term gains for the network as only a few users can participate in the reduced financial burden that the program brings.
The $0.88-$1.13 range holds little promise for LDO
As of writing, the token is struggling to bear the weight of the bearish pressure that has taken the market by storm. The LDO bulls do not have the same momentum as the bears which could result in a continuation of the downward trajectory in the short to medium term.
However, the symbol’s RSI indicates a possible reversal in the medium-term time frame which could see LDO retain its current trading range in the next couple of days.
Investors and traders should monitor the broader market movement in the coming days as LDO’s correlation with major cryptocurrencies will play a big role in future price movement.
Featured image from Pexels, chart from TradingView