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The Len Sassaman price has plunged 82% in the last 24 hours to trade at $0.00000000000133 as of 7:30 a.m. EST on a trading volume of $166k.
This price drop comes after Nick Szabo overtook Len Sassaman as the frontrunner on Polymarket to be identified as Bitcoin’s creator, Satoshi Nakamoto, in an HBO documentary tonight.
Polymarket bettors now give Szabo 27.9% odds of being revealed as the enigmatic Bitcoin founder in “Money Electric: The Bitcoin Mystery,” compared to 14% for Sassaman and just 4.3% for Blockstream CEO Adam Back.
Sassaman initially led the race with odds as high as 68% shortly after Polymarket opened the betting on October 4.
However, his odds dropped significantly after the documentary’s producer, Cullen Hoback, revealed that he confronted the person he believes to be the real Satoshi Nakamoto. This revelation would rule out Sassaman, who passed away in 2011.
An old tweet also resurfaced in which Sassaman’s wife said she did not believe her husband was Nakamoto.
Len Sassaman Price Consolidates: Can The Bulls Regain Momentum?
The LEN/USD trading pair over a 15-minute timeframe shows the price moving gradually, indicating bullish momentum characterized by consistent buying pressure, which leads to increased valuations. However, after reaching a peak, the price experiences a steep fall, suggesting a sudden influx of selling pressure, often attributed to profit-taking or market correction.
The polymarket odds have catalyzed this steep decline, forcing the price to enter a consolidation phase, depicted by the horizontal movement within the orange box on the chart. During consolidation, the market stabilizes as buyers and sellers attempt to gauge the next price direction. This phase can be critical, as it sets the stage for continuing the prior trend or a potential reversal.
LENUSD Analysis Source: Dextools.io
The chart also features two moving averages: a short-term (50-period) moving average and a longer-term (200-period) moving average. The short-term moving average is significantly below the longer-term moving average, indicating a bearish sentiment in the short run, particularly after the steep fall.
Additionally, the MACD (Moving Average Convergence Divergence) histogram shows that momentum is weak, as the lines hover around the zero line, which aligns with the consolidation phase and suggests a lack of strong buying or selling activity.
The RSI (Relative Strength Index) is at 100, indicating an overbought condition. This signaled that the asset may be due for a correction, especially following the previous steep drop in Len Sassaman’s price.
Len Sassaman Price Prediction
If the price breaks out above the consolidation phase with strong volume and momentum, it could signal a resumption of the prior bullish trend. The first key resistance level to watch would be near the previous peak, likely around $0.00000000000128.
If this level is breached, the price could continue to rise, potentially retesting previous highs or pushing toward a new resistance level of around $0.00000000000135 or higher.
Conversely, if the price breaks down below the consolidation phase, it may trigger further selling pressure. The first support level to monitor would be around the 0.00000000000120 mark, where the price previously consolidated.
A drop below this level could lead to a deeper correction, with the next significant support level around $0.00000000000115 or potentially further down near the 200-period moving average.
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