Can $15 Million Inflow Trigger A Revival In Lido DAO (LDO)
Can $15 Million Inflow Trigger A Revival In Lido DAO (LDO)?
The open interest contracts have noted a rise of nearly $15 Million in the last couple of sessions indicating investors confidence.
At the time of writing, Lido DAO was trading close to $1.67 recording a moderate loss of 0.48%.
Lido DAO seemed to be stabilizing after near the $1.5 level in the recent sessions. Moreover the price bounced back yesterday piquing significant investors attention. The recovery in the blue chip cryptocurrencies have added a boost to the investors sentiments.
In the earlier sessions, Lido DAO has failed to grab the attention of the investors amid the broader market recovery. However, the recent surge in the Open interest contracts may bring back the investors confidence. The open interest contracts have noted a nearly $15 Million surge which may trigger a recovery in the LDO price.
Lido DAO is a decentralized autonomous organization (DAO) which provides staking infrastructure for multiple blockchain networks. It has a live market capitalization of $1.46 Billion and ranks 53rd in the cryptoverse.
Investor Confidence Wavers in Lido DAO
The bulls initiated a recovery yesterday due to which Lido DAO surged nearly 7.5%. In conjunction with the price surge, there has been a notable rise in the open interest in the last couple of sessions.
<iframe title="Santiment Chart: Total Open Interest in USD (LDO), Price (LDO)" width="800" height="425" src="embed.santiment.net/chart?ps=lido-dao&pt=LDO&df=2024-07-03T18:30:01.089Z&dt=2024-07-11T18:29:59.089Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
A financial and on-chain analytics website revealed that the number of outstanding contracts in Lido DAO has surged by $15 Million. The open interest contracts have surged from $70 to $85 indicating a jump of nearly 20%.
Furthermore, the transaction volume has surged by 16.1% to reach $121.7 Million a day. The increased transaction volume indicates a heightened demand. Moreover, the volume to market cap ration was 8.41% suggesting mild volatility.
Can Lido DAO Break Out Of A Correction Phase
From a technical standpoint, Lido DAO crypto was hovering below the key exponential moving average of 20, 50 and 200 days suggesting a prevailing bearish trend. The key EMAs may offer resistance and the price may suffer more.
For a bullish reversal, the price needs to overcome the key dynamic resistances. on the lower side, the $1.5 level may act as a support which if breached may force the price to decline towards the $1 level.
At the time of writing, the RSI line was placed close to 40 points and that of the 14 day SMA line was placed close to 39 points indicating a weakness over the charts. Moore over a bullish crossover of both the lines was observed indicating a possible rebound.
Conclusion.
Lido DAO cryptocurrency has recently shown signs of stabilization, with a notable 7.5% price surge yesterday. Moreover, A $15 million increase in open interest contracts suggests a potential recovery. Furthermore, A 16.1% rise in transaction volume and open interest suggests growing demand and investor confidence.
From a technical point of view, Lido DAO hovers below key EMAs, indicating a bearish trend, but a bullish reversal is possible if it breaks through dynamic resistances. Currently, the RSI and SMA lines suggest market weakness, yet a bullish crossover points to a potential rebound, with $1.5 as a critical support level.
The open interest contracts have noted a rise of nearly $15 Million in the last couple of sessions indicating investors confidence.
At the time of writing, Lido DAO was trading close to $1.67 recording a moderate loss of 0.48%.
Lido DAO seemed to be stabilizing after near the $1.5 level in the recent sessions. Moreover the price bounced back yesterday piquing significant investors attention. The recovery in the blue chip cryptocurrencies have added a boost to the investors sentiments.
In the earlier sessions, Lido DAO has failed to grab the attention of the investors amid the broader market recovery. However, the recent surge in the Open interest contracts may bring back the investors confidence. The open interest contracts have noted a nearly $15 Million surge which may trigger a recovery in the LDO price.
Lido DAO is a decentralized autonomous organization (DAO) which provides staking infrastructure for multiple blockchain networks. It has a live market capitalization of $1.46 Billion and ranks 53rd in the cryptoverse.
Investor Confidence Wavers in Lido DAO
The bulls initiated a recovery yesterday due to which Lido DAO surged nearly 7.5%. In conjunction with the price surge, there has been a notable rise in the open interest in the last couple of sessions.
<iframe title="Santiment Chart: Total Open Interest in USD (LDO), Price (LDO)" width="800" height="425" src="embed.santiment.net/chart?ps=lido-dao&pt=LDO&df=2024-07-03T18:30:01.089Z&dt=2024-07-11T18:29:59.089Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
A financial and on-chain analytics website revealed that the number of outstanding contracts in Lido DAO has surged by $15 Million. The open interest contracts have surged from $70 to $85 indicating a jump of nearly 20%.
Furthermore, the transaction volume has surged by 16.1% to reach $121.7 Million a day. The increased transaction volume indicates a heightened demand. Moreover, the volume to market cap ration was 8.41% suggesting mild volatility.
Can Lido DAO Break Out Of A Correction Phase
From a technical standpoint, Lido DAO crypto was hovering below the key exponential moving average of 20, 50 and 200 days suggesting a prevailing bearish trend. The key EMAs may offer resistance and the price may suffer more.
For a bullish reversal, the price needs to overcome the key dynamic resistances. on the lower side, the $1.5 level may act as a support which if breached may force the price to decline towards the $1 level.
At the time of writing, the RSI line was placed close to 40 points and that of the 14 day SMA line was placed close to 39 points indicating a weakness over the charts. Moore over a bullish crossover of both the lines was observed indicating a possible rebound.
Conclusion.
Lido DAO cryptocurrency has recently shown signs of stabilization, with a notable 7.5% price surge yesterday. Moreover, A $15 million increase in open interest contracts suggests a potential recovery. Furthermore, A 16.1% rise in transaction volume and open interest suggests growing demand and investor confidence.
From a technical point of view, Lido DAO hovers below key EMAs, indicating a bearish trend, but a bullish reversal is possible if it breaks through dynamic resistances. Currently, the RSI and SMA lines suggest market weakness, yet a bullish crossover points to a potential rebound, with $1.5 as a critical support level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.