– Lido DAO price noted an 8.78% hike in the past 24 hours, making it the highest single-day rise in over two months.
– LDO transaction volume hit the lowest point in nine months this past week, making the month’s cumulative volume the worst since December 2022.
– The altcoin’s correlation with Bitcoin on a monthly basis is positive, which might hold a positive impact on the price action.
Lido DAO price is up over the past day as the market shifted its stance despite the SEC announcing a delay in the spot Bitcoin ETF applications of BlackRock among other applicants.However, this one-day rise is not enough for the likes of LDO that have been failing in recovering for a few weeks now.
Lido DAO price needs support
Lido DAO price is presently at $1.59 after observing a nearly 9% increase in the last 24 hours.The altcoin bounced off the critical support line at $1.46 but stopped rising after hitting the 50-day Exponential Moving Average (EMA).Breaching this barrier is important for the altcoin to establish a rally going forward.
The Moving Average Convergence Divergence (MACD) indicator suggests that a bullish play might be on the cards for LDO.
The indicator nearly avoided a bearish crossover, and the rising green bars on the histogram hint at Lido DAO price having an opportunity to post further gains.
LDO/USD 1-day chart
The key resistance level for LDO is marked at $1.82, and breaching it would help investors recover nearly two months’ worth of losses and reignite a bullish momentum.However, losing the critical support level of $1.46 could invalidate the bullish thesis, resulting in a potential decline to $0.94.
Investors are not exhibiting optimism
LDO holders have toned down their bullishness for the
cryptocurrency rather evidently.The transaction volume conducted over the last couple of weeks has been the lowest witnessed in a while.
The transaction volume hit a low of about $6 million in this month.
This added to the entire month’s cumulative volume, which is the most disappointing figure since December 2022.
Lido Transaction volume
A lack of transaction volume signifies waning optimism, which can lead to the investors pulling back and sitting idle, waiting on profits.This impacts the flow of tokens, resulting in price fluctuation that can even wipe away any recovery noted.
However, Lido DAO price does have some support from the market as it shares a positive correlation with Bitcoin.Albeit not too high, at 0.42, LDO might benefit from a positive move by BTC as it did in the last 24 hours.
Lido DAO correlation with Bitcoin
This correlation might drive Lido DAO price higher, provided it also finds support from its investors.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.
All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.
The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Kraken to launch US-listed stock and ETF trading services after $30 million SEC settlement
Kraken has indicated plans to diversify, with intentions to leverage the first-mover advantage towards ETF.Meanwhile, the crypto markets continue to appeal to the US SEC for a nod amid a long pile of applications already on the financial regulator’s desk.
More Cryptocurrencies News
Ethereum Futures ETF to roll out by first week of October: Bloomberg ETF analyst
While spot Bitcoin Exchange Traded Funds (ETFs) approval has been a matter of controversy in the United States, Ethereum Futures ETFs’ might not be.
The Securities and Exchange Commission (SEC) is most likely to approve the trading of ETH ETFs in the next seven days.
More Ethereum News
Chainlink price might face a correction before it can climb back to 2023 highs
Chainlink price has performed exceptionally over the past couple of days, making room for profits for investors.
However, further gains from here on would warrant a market cooldown before the rally can continue.
More Chainlink News
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: BTC, ETH, XRP at catch 22 moment
Bitcoin (BTC) price is trying to lead the rest of the market into recovery.However, it faces a key obstacle, same case for Ethereum (ETH) and Ripple (XRP) positioning the top three cryptocurrencies in a muddle.
More Bitcoin news
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt.Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.
Read full analysis.
