However, BTC’s reversal before and after the July CPI data announcement saw LDO record some losses after facing price rejection near its range-high.Since late July, Lido’s price action has been stuck in a sideways structure of $1.80 – $1.950. The faltering near the range-high tipped sellers to target the mid-range . At the time of writing, sellers breached the mid-range too, but Lido didn’t register an extra downside.
But the Relative Strength Index and Chaikin Money Flow recorded negative readings underscoring the bearish sentiment post-July CPI announcement. If the sentiment persists, LDO could drop further to the range-low or face rejection at the mid-range before heading lower. A candlestick session close above the mid-range, especially on the higher timeframe charts , could show bullish intent. Such a move, alongside positive readings from RSI and CMF, could make a retest of range-high feasible.
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