$4M LDO Withdrawal by FalconX Sparks Excitement! Is a Bull Run Coming?

The market on-chain analytics platform Lookonchain has been closely observing FalconX’s trading activities over the past few days. Observing a new withdrawal activity, the market analytics platform reported that FalconX once again withdrew 2.5 million LDO, which is valued at approximately $4 million, from Binance. Currently, FalconX has accumulated a total of 9.18 million LDO, valued at approximately $14.7 million, over the past nine days.

Even on Friday, FalconX had withdrawn 1.23 million LDO from Binance. At reported time, it seems the 1.23 million LDO was valued at approximately $1.86 million. This withdrawal activity may create an optimistic sentiment for LDO traders as they may expect a bull run from the altcoin.

Based on CoinmarketCap’s data, LDO was changing hands at $1.60 after experiencing a 3.56% spike in seven days. However, in the one-day period, the Lido’s governance token faced a 2.41% in one day. Meanwhile, the trading volume experienced a surge of 75.06%, which could be a sign that the traders’ demand for LDO still exists in the market. Out of the total 1,000,000,000 LDO supply, there are currently 890,294,747 LDO circulating the market.

LDO/USD 3-Hour Chart (Source: TradingView)

Looking at the LDOUSD 3-hour chart, the candlesticks fell back into the lower half of the Bollinger Bands. The current fall LDO faced could be a response to the candlesticks hitting the upper band for a long time. There may be a chance that the LDO may continue to tumble below its support despite the withdrawal activity observed by Lookonchain.

Moreover, the candlesticks are moving sideways after their fall, making traders still wonder where they would start their journey. The BBP power shows a red bar, however, it reversed and climbed away from the negative zone, highlighting that the bulls may come into power soon. Ideally, traders are expected to wait for more confirmation whether the altcoin could finally climb above $1.60 once again.