- Buying pressure on Lido remained high throughout the past week
Most indicators and market sentiment looked bullish on LDO’s charts
As a researcher with a background in cryptocurrencies and market analysis, I have been closely monitoring the trends of various tokens over the past week. Among them, Lido DAO (LDO) has particularly caught my attention due to its impressive price rally.
The excitement surrounding Ethereum ETFs led to a significant boost for Lido DAO (LDO), causing the token’s price to surge noticeably. Within just one day, Lido crypto experienced substantial growth, recording over ten percent increase in value.
Lido’s bull rally
Lido experienced significant price growth following Ethereum ETF approval, with its value increasing by approximately 40% in the past week. As reported by CoinMarketCap, there was also a notable rise of more than 11% within the previous 24 hours. Currently, the token is being traded at $2.53 and holds a market capitalization exceeding $2.25 billion.
Despite a double-digit growth during the specified timeframe, Ethereum’s value increased by only 1%. Notably, analysts anticipate a bullish trend for LDO‘s price movement in the near future.
As a crypto analyst at World of Charts, I’ve recently noticed an intriguing development in the price trend of LDO. The latest uptick has pushed this cryptocurrency towards the upper boundary of a bullish flag pattern. If we witness a breakout above this resistance level, it could potentially trigger significant growth, possibly leading to a nearly 250% increase in value within the upcoming weeks.
Will LDO grow further?
To determine if LDO could surpass the bearish trend, AMBCrypto examined Santiment’s statistics. According to our findings, LDO experienced significant increase in exchange outflows the previous week. This suggested a rise in demand for the asset. The evidence of buying activity was further supported by the exchange data indicating investor interest in LDO.
As a crypto investor, I’ve noticed an intriguing development in the market. The token’s supply on exchanges has significantly decreased, while its circulation outside of exchanges has increased. This trend is typically a bullish sign, as it often indicates heightened buying pressure leading to price increases and potentially setting the stage for a bull run. However, I’ve also observed that the token’s supply held by top addresses took a dip on May 24th – a possible indication that whales have sold their holdings, seeking profits from their investments.
I examined its daily chart in order to assess if LDO‘s bullish trend would persist. The MACD technical indicator suggested a bullish market position with a distinctly positive momentum.
The Relative Strength Index (RSI) indicated a significant increase as well, implying a prolonged surge in the token’s price. However, it’s important to note that the token reached its maximum point within the Bollinger Bands; historically, such occurrences have been followed by corrections in price.
Read Lido DAO’s [LDO] Prie Prediction 2024-25
That being said, investors’ confidence in Lido remains high.
I recently noticed an intriguing trend in my LDO investment. According to Santiment’s data, after a price drop on May 24th, the weighted sentiment for LDO surged dramatically. This indicates that despite the dip, investors remained optimistic about LDO’s future prospects.
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2024-05-26 07:03