• 15 October, 2024
News

LIDO Price Analysis: LDO Surges 34% in two-days; Is Time To Buy?

LIDO Price Analysis: LDO Surges 34% in two-days; Is Time To Buy?

LDO started the new year with a bang, highlighting its growth in daily active users and Ethereum stakers

  • LIDO price extends the gains for the second consecutive session on Monday.
  • The price of Lido DAO (LDO) jumped more than 12% after its key momentum oscillator moved into “overbought territory.
  • DAO overstepped MakerDAO in terms of total value locked (TVL).

LDO undergoes retracement amid negative RSI divergence

LDO’s price jumped to high as $1.26 on Monday, amounting to a more than 12% rise. The token’s sharp upside move took clues from bullish technical oscillators and fundamentals.

The recent price action is a 4-hourly RSI above 80 with a bearish divergence. An overbought RSI signals that the rally might be nearing a pause while preparing for a short-term pullback.

Further, more downside cues from the Lido DAO token come from its receding bullish momentum, which kept the breaks on the price rally.

Source: Trading view

As of press time, LDO/USD is exchanging hands at $1.20, up 12.03% for the day. As per Coinmarketcap, the 24-hour trading volume rose more than 180%. A rise in price along with volumes is a bullish sign.

The Moving Average Convergence Divergence (MACD) trades above the midline with a modest slowing down in bullish momentum.

With the bearish RSI divergence, we expect the price could retrace toward the horizontal resistance zone around $1.15. If more sellers join next target could be $1.05.

On the other hand, a daily close above the session’s high could mean the continuation of the party with an eye on a November high of $1.29.

Fundamentally, top-ranked MakerDAO, with $5.93 billion in total value locked (TVL) dragged to second place by Lido Finance with a $5.98 billion staking service in various networks.

Gemini’s Cameron Winklevoss Blames Barry Silbert Over Earn Failure
Read Previous

Gemini’s Cameron Winklevoss Blames Barry Silbert Over Earn Failure

How Will the Shanghai Upgrade Revolutionize Ethereum LSD?
Read Next

How Will the Shanghai Upgrade Revolutionize Ethereum LSD?