Altcoins, Cryptocurrency, News, Price Analysis

Lido DAO (LDO) Gained 53% In The Past Week: Here is Why

Lido DAO has emerged as the favorite token for the leading Ethereum whales within the past 24 hours. Such developments saw LDO recording staggering gains amidst a struggling crypto market. Keep in mind that bears have been restricting crypto price actions.

LDO Attracts Top ETH Whales

WhaleStats shows LDO was among the tokens Ethereum whales purchased. Saitama, a wallet, bought Lido DAO coins worth $2.32 million. Moreover, a single transaction completed this transaction. Also, the whale holds USDC tokens worth approximately $95.4 million. That shows the wallet is ready to scoop more coins.

Data shows LDO is among the assets with high trading volumes the Ethereum whales accumulated. The asset’s daily trading volume has gained more than 400% to $142.3 million. Lido DAO gained more than 21% within the previous 24 hours. The token has gained over 85% within the last 30 days. Nevertheless, LDO still hovers 94% lower than its ATH.

Lido DAO TVL 3% Up in Past 30 Days

LDO’s TVL (total value locked) has surged by 3% within the last 30 days to $5.28 billion. The upsurge came as the overall DeFi TVL recorded a slump during that timeframe. The DeFi total value locked stands near $76.7 billion, reflecting a 2.8% drop.

Meanwhile, Lido’s TVL declined by approximately 1.5% within the past week. Nevertheless, the decline came as Ethereum’s price recorded a 2% decrease. The Lido data shows the platform boasts more than 4.12 million staked ETH, with a nearly 4% APR. Its stETH (staked Ethereum) share stands at 31.53%. Furthermore, stETH/ETH rate declined to 0.9615 from 0.9732 within ten hours on 12 July.

While publishing this blog, LDO traded at $0.8. The altcoin flipped the resistance at $0.763 within the last four days. That emerged after the 9-EMA crossed beyond the 20-EMA. Meanwhile, the upside journey met resistance around $1.183, dropping to current levels.

The resistance zone saw LDO’s daily Relative Strength index dropping toward the SMA line. That can translate to a bearish flag within the upcoming days, suggesting downside price action in the coming sessions. A break beneath the 9-EMA will confirm steady downtrends.

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