Data Shows Ribbon Finance Scooped up a Lot of LDO and WBTC By CoinEdition

© Reuters. Data Shows Ribbon Finance Scooped up a Lot of LDO and WBTC

Lookonchain tweeted that Ribbon Finance bought a lot of LDO and WBTC in the last 24 hours.According to the tweet, Ribbon Finance bought $2.28 million worth of LDO and 1,036 WBTC.The price of LDO has entered into a short-term bearish cycle.

The blockchain tracking firm, Lookonchain (@lookonchain), tweeted on their official Twitter page that Ribbon Finance took advantage of the latest crypto market drop to add some coins to their portfolio.

According to the tweet, Ribbon Finance bought an estimated $2.28 million worth of Lido DAO (LDO) using 5.2 million Dai (DAI). The post added that the average buying price for the order was around $2.28.

Ribbon Finance didn’t only purchase LDO during the recent market drop but also racked up 1,036 Wrapped (WBTC) using 21 million DAI at an average buying price of $20,275. The tweet concluded that Ribbon Finance’s LDO purchasing is still ongoing.

At press time, CoinMarketCap shows that the total crypto market cap has dropped 6.50% over the last 24 hours. This has pulled the global crypto market cap down to $931.44 billion.

LDO’s price followed the overall trend in the crypto market and experienced a 24-hour drop of 4.37%. Despite weakening against the Dollar, LDO’s price did strengthen against the two crypto market leaders, Bitcoin (BTC) and (ETH), by 4.43% and 3.92%, respectively. As a result, LDO’s price currently stands at $2.27.

Daily chart for LDO/USDT (Source: TradingView)

LDO’s price has dropped below the $2.556 support level. In addition to dropping below this key support level, LDO’s price has dropped below the 9-day and 20-day EMA lines and continues to trade underneath the two EMA lines.

LDO has entered into a short-term bearish cycle as indicated by the 9-day EMA line crossing below the 20-day EMA line on 6 March 2023.

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