Lido DAO’s native token, LDO, has captured the eye of crypto fans following a powerful rally up to now 24 hours. Nonetheless, the token is now testing a key resistance degree at $2.10, a degree traditionally related to promoting stress and worth declines.
$7.18 Million LDO Inflows into Exchanges
As LDO’s worth surged, on-chain knowledge from CoinGlass revealed an influx of $7.18 million price of LDO tokens into exchanges, hinting that long-term holders or whales could also be getting ready to promote.
The inflows into the exchanges counsel that long-term holders or whales have moved their holdings to the exchanges for a possible sell-off. Nonetheless, this might result in promoting stress and additional worth decline.
such a dump up to now 24 hours signifies that historical past could repeat itself.
Lido DAO (LDO) Technical Evaluation and Key Ranges
In response to knowledgeable technical evaluation, LDO seems bullish however is at present at a vital resistance degree of $2.10. LDO’s every day chart exhibits that its worth has reached this degree greater than twice, and every time, it has witnessed a worth drop of over 28%, from $2.08 to $1.47.
Nonetheless, this time, as a result of previous historical past, buyers have begun dumping their holdings and speculating that LDO may as soon as once more drop by 28% to achieve the $1.47 degree.
Conversely, if the present sentiment for LDO continues and the worth breaches the resistance degree, closing a every day candle above $2.10, there’s a sturdy risk it may soar by 65% to achieve the $3.50 degree. Nonetheless, within the cryptocurrency market, such a rally is definitely achievable.
LDO is at present buying and selling close to $2 and has skilled a worth surge of over 15.50% up to now 24 hours. Nonetheless, throughout the identical interval, its buying and selling quantity has jumped by 78%, indicating heightened participation from merchants and buyers in comparison with earlier days.