coinpedia.org
Lido DAO’s native token, $LDO, has captured the attention of crypto enthusiasts following a strong rally in the past 24 hours. However, the token is now testing a key resistance level at $2.10, a level historically associated with selling pressure and price declines.
$7.18 Million $LDO Inflows into Exchanges
As $LDO’s price surged, on-chain data from CoinGlass revealed an inflow of $7.18 million worth of $LDO tokens into exchanges, hinting that long-term holders or whales may be preparing to sell.
The inflows into the exchanges suggest that long-term holders or whales have moved their holdings to the exchanges for a potential sell-off. However, this could lead to selling pressure and further price decline.
Looking at such a dump in the past 24 hours indicates that history may repeat itself.
Lido DAO ($LDO) Technical Analysis and Key Levels
According to expert technical analysis, $LDO appears bullish but is currently at a crucial resistance level of $2.10. $LDO’s daily chart shows that its price has reached this level more than twice, and each time, it has witnessed a price drop of over 28%, from $2.08 to $1.47.
However, this time, due to past history, investors have begun dumping their holdings and speculating that $LDO could once again drop by 28% to reach the $1.47 level.
Conversely, if the current sentiment for $LDO continues and the price breaches the resistance level, closing a daily candle above $2.10, there is a strong possibility it could soar by 65% to reach the $3.50 level. However, in the cryptocurrency market, such a rally is easily achievable.
$LDO is currently trading near $2 and has experienced a price surge of over 15.50% in the past 24 hours. However, during the same period, its trading volume has jumped by 78%, indicating heightened participation from traders and investors compared to previous days.