bulls were able to support the asset on its way down and cause a reversal. As for now, Lido is showing an almost 6% recovery in the last 24 hours and looking at the 50-day exponential moving average, which acts as a barrier between bull and bear trends.In the long term, Lido is moving in the downturn since the first listing on centralized exchanges.
After entering the rangebound, exchanges saw a strong increase in the percentage of the BTC supply, which confirms the beginning of accumulation. Since June, the supply on exchanges has been gradually decreasing, but in the last few days, investors withdrew the largest amount of tokens seen in the last four months.
Adding the extremely low volatility of BTC and the negative netflow, we will most likely see a significant move of the first cryptocurrency on the market in the foreseeable future. As for now, Bitcoin's volatility remains on an extremely low level as the digital gold has been moving in the 2% range.
Expectations for a bounce in Q4 are most likely the main reason behind the surge in bullish sentiment, which is already being projected on the cryptocurrency market. It is important to mention that most digital assets, Cardano included, were heavily oversold, and their performance today is most likely the result of the prolonged and heavy selling pressure the cryptocurrency market has been facing for the last two weeks.
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