Lido DAO’s native token, LDO, has been making waves in the crypto community with a significant surge in price over the past 24 hours. However, the token is currently facing a major hurdle at the $2.10 resistance level, a level that has historically led to selling pressure and price corrections.
$7.18 Million LDO Inflows into Exchanges
In the midst of LDO’s price rally, data from CoinGlass has revealed that a staggering $7.18 million worth of LDO tokens have been moved to exchanges, indicating that long-term holders or whales may be gearing up to sell their holdings. This influx of tokens into exchanges suggests that there could be a sell-off on the horizon, potentially leading to a further decline in price.
Looking back at similar instances in the past, it is evident that such dumps have often resulted in price drops. This influx of LDO tokens into exchanges could trigger a similar scenario and put downward pressure on the token’s price.
Lido DAO (LDO) Technical Analysis and Key Levels
Technical analysis of LDO indicates a bullish trend, but the token is currently facing a critical resistance level at $2.10. The daily chart for LDO shows that the price has tested this level multiple times, with each test resulting in a price drop of more than 28%, from $2.08 to $1.47.
Given the historical data and the current market sentiment, investors are beginning to offload their holdings in anticipation of a potential 28% drop to the $1.47 level. However, if LDO manages to break above the resistance level and close a daily candle above $2.10, there is a strong possibility that the price could rally by 65% to reach $3.50. In the volatile cryptocurrency market, such a surge is not uncommon.
As of now, LDO is trading around $2, experiencing a price increase of over 15.50% in the past 24 hours. The trading volume has also seen a significant uptick, rising by 78% compared to previous days, indicating increased interest and participation from traders and investors.
In conclusion, while LDO’s recent price surge has caught the attention of many crypto enthusiasts, the token is now facing a crucial test at the $2.10 resistance level. The influx of tokens into exchanges and the historical data suggest that there could be a price correction on the horizon. Investors should closely monitor the market dynamics and key levels to make informed decisions about their LDO holdings.