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- Strong whale activity was recorded in Lido DAO crypto.
- LDO price has advanced by 36% in just the last seven days.
A Lookonchain ‘X’ post shows three fresh wallets have withdrawn 2.1M LDO worth $4.7M from Binance.
3 fresh wallets/whales withdrew 2.1M $LDO($4.7M) from #Binance in the past 30 minutes.
— Lookonchain (@lookonchain) May 24, 2024
Whale"0x2872" withdrew 904,900 $LDO($2.03M) from #Binance 1 minute ago.https://t.co/kWop1gDGmw
Fresh wallet"0xf07B" withdrew 914,961 $LDO($2.05M) from #Binance 20 minutes ago.… pic.twitter.com/FFBdiZNlSP
The post from X further shows that a large number of crypto has been transferred from the exchange to the wallets. This shows optimism for crypto among the whales.
The Lido DAO crypto’s trading volume has also witnessed a surge of 150% over the last 24 hours from the press time. It shows the surge in crypto trading activity.
The surge in the trading volume of crypto further led to huge liquidity, resulting in a volume/market cap of 21.81%.
The crypto also has a good market cap presence as it is the 54th largest cryptocurrency in the global crypto market and has a market cap dominance of 0.08%.
Lido DAO Crypto Derivatives Analysis
The derivatives of the Lido DAO have also witnessed a surge of 178% in its trading volume in the last 24 hours from press time. It shows that traders are also interested in crypto derivatives.
The open interest in crypto has also advanced by 8.5% in the last 24 hours, resulting in $107.01M. Moreover, the total liquidation recorded by the crypto in the last 24 hours is $1.32M.
The liquidation chart of the crypto showed that a larger number of shorts had been liquidated in the last few days. This shows bulls are ruling over the price of the crypto.
LDO Crypto Technical Analysis
The price of the LDO crypto has been revolving inside a broad consolidation for a long time, which does not signify a clear trend in the crypto trading price.
Following the most recent price action, the price of the crypto has hit the lower band of the consolidation zone. The price has bounced back and has advanced by 45% since it hit the lower band.
The following price behavior shows that it might shoot up to the upper band of the consolidation zone in the upcoming days. Therefore, the crypto price has more space on the higher side to advance to higher levels.
LDO/USD Chart by TradingView.com
The 50-day and the 200-day EMAs are trading in a death cross, but the LDO crypto price has rebounded and has broken above the 50-day EMA. If the surge in the price continues and advances above the 200-day EMA, we might see a golden cross in the upcoming days.
The MACD and the signal line on the daily crypto chart are approaching a bullish trajectory. The histograms on the chart are strongly bullish, indicating a surge in bullish volume in the crypto.
The RSI has also advanced above the 50 level and is trading at 61.3. It also broke above the 14-day SMA, which shows bullish dominance in the crypto momentum.
Summary
Lido DAO’s LDO token sees strong buying activity, with whales withdrawing 2.1M LDO ($4.7M) from Binance. Trading volume surged 150%, boosting liquidity.
Derivatives trading also increased by 178%. Technically, LDO rebounded 45% and showed bullish momentum, with indicators pointing to further gains. LDO could soon test higher consolidation levels.
The support levels for the LDO crypto are $0.880 and $1.50, followed by the resistance of $3.05 and $4.0 on the higher side.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
