- The collective market cap of liquid staking assets has surged by 5%, with Lido and Rocket Pool leading the way.
- LIDO and RETH show signs of overbought conditions, with gains of 5.2% and 5.9%, respectively.
- Technical indicators suggest bullish momentum for LDO and RETH but highlight the need for vigilance.
Liquid staking assets have experienced a notable surge over the weekend, defying the choppy market conditions that have characterized recent trading sessions. As highlighted by Santiment, a top analytic firm, among the 17 key assets tracked in this sector, there has been a collective increase in market caps by a commendable 5.0%. Leading this upward momentum are Lido ($LDO) and Rocket Pool ETH ($RETH), with gains of 5.2% and 5.9%, respectively.
As of the latest data, the live Lido DAO price is $2.12, accompanied by a 24-hour trading volume of $69,888,795, marking a 0.88% increase within the last 24 hours. Meanwhile, Rocket Pool ETH is priced at $3,558, with a 24-hour trading volume of $8,779,870, showing a 2.72% decrease in the same period.
Analyzing the technical indicators, the 1-Day stochastic RSI for LIDO is notably high at 88.42, indicating a potential overbought condition in the short term, possibly leading to a corrective price action. However, the 1-Day MACD suggests bullish momentum for the time being, albeit with a caveat that traders should remain vigilant for a possible reversal if the indicator crosses below the signal line. The 1-Day ADX reading of 27.90 implies moderate trend strength in the asset’s price movement.
On the other hand, RETH’s 1-day stochastic RSI is even higher at 91.42, signaling a stronger potential for overbought conditions and a consequent price reversal or pullback in the near future. While the 1-Day MACD remains bullish, traders are advised to exercise caution as it nears a crossover below the signal line, which could signify a shift toward bearish momentum. The 1-Day ADX for RETH is at 19.86, indicating a lack of clear trend in the asset’s price movement.
