Altcoins
LDO rose 5.64% defying market trends
- LDO has increased by 5.64% in the last seven days, defying all market predictions.
- A wave of partnerships, adoptions, and integrations has driven positive market sentiment toward LDO.
The cryptocurrency market has recently witnessed notable declines, with Bitcoin [BTC] down 7.68% to $60,782. BTC’s massive decline has caused significant losses to most altcoins.
However, Lido DAO [LDO] recorded massive gains, up 5.64% in seven days. At the time of writing, LDO was trading at $2.39, up 0.54% in 24 hours.
At the same time, LDO recorded a 26.75% increase in trading volume to $190 million.
The LDO surge has everyone wondering what is driving these gains as the market continues to see red.
What is driving the surge in LDOs?
LDO has continued to defy market trends with its recent gains due to various factors. First, with the development of ETH 2.0 staking.
LDO continues to offer services that allow users to stake their own Ethereal [ETH] token without running your own validator nodes.
This unique aspect of ETH has increased staking activities, thus increasing the trading volume of Lido DAO.
Likewise, partnerships with crucial DeFi platforms that support invested assets as collateral, such as Mellow Finance, have played a considerable role in the resilience of the Lido DAO market.
Coinbase international exchange they announced that on their X page (formerly Twitter),
“@coinbaseibtEtch will add support for atlayer, Lido Dao, and Pendle perpetual futures on coinbase international exchange and coinbase advanced… markets will begin at 9:30 PM ET on June 27.”
These developments, partnerships and integrations have played a critical role in Lido DAO’s ongoing resilience, improving its utility and expanding its ecosystem.
LDO Market Outlook and Sentiment
DeFi adoption, partnerships, and collaborations have significantly influenced LDO market sentiment.
AMBCypto’s analysis on Coinglass showed that Lido DAO’s trading volume over the past seven days increased from a low of $108 million to a high of $147 million.
The increase in volume indicated greater buying interest and confidence in the asset.
Source: Coinglass
Likewise, the LDO’s RSI of 57, up from 46 over the past seven days, has shown sustained bullish movements.
The RSI showed increased buying pressure resulting from bullish market sentiment, which led to higher prices as witnessed by the daily and weekly charts.
Source: TradingView
LDO’s positive Chaikin Money Flow (CMF) at 0.12 showed that buying pressure was dominant at press time, which was a bullish sign.
Combined with higher trading volume, the CMF indicated that Lido DAO was going through an accumulation phase that was driving prices higher and that the trend is expected to continue.
Source: Tradingview
Finally, AMBCrypto’s Santiment analysis showed that Lido DAO’s Open Interest has increased massively. Over the past seven days, LDO has seen an increase in Open Interest from a low of $51M to a high of $68M.
The increase in Open Interest shows that buyers are opening new positions while holding existing positions, hoping to sell at a higher price in the future.
Realistic or not, that’s it LDO Market Cap in BTC
Therefore, market sentiment remains bullish, with long stock holders accumulating to sell for profit.
Source: Santimento
With continued bullish momentum, LDO may attempt to retest its resistance level at around $2.624. However, if the market experiences a correction, the token will drop to the vital support level of around $2.048.
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