LDO, a Decentralized Autonomous Organization, gained 15% to $2. 36 during Wednesday’s US session after having an upward movement.
Lido DAO’s token increased the trading volume by more than 31% to around $309 million and the market capitalization by as much as 15%. Undefined 12 billion, making it the 43rd largest cryptocurrency in terms of market capitalization based on data from CoinMarketCap.
Lido DAO Price Forecast: Is it Possible to Reach $5 by the End of the Week?
The trading value of Lido DAO has increased by more than 27% from the previous week, with a 36% rise in the last 30 days pointing to a bullish trend.
The market capitalization of cryptocurrencies increased significantly, attributed to the end of the SEC inquiry on Ethereum 2.0.
Among the positive shifts in the market standing, it is crucial to note that Lido DAO occupies first place among the top 100 cryptocurrencies for the past day’s performance.
Technical Analysis: LDO Shows Indicators for Further Expansion
Lido DAO has had a significant upward movement and the possibility of surpassing the $3 resistance level with the aim of hitting $4 with the bullish pressure reaching $5.
However, if market conditions change, Lido DAO may have a strong floor at $2. 36, but a decline may challenge the lower levels, suggesting a bearish outlook.
The 4-hour technical indicators for LDO prove to be a bullish signal since the MACD line (blue) rises above the signal line (orange).
This indicates a rising buying interest in the short term, further affirmed by the fact that the Relative Strength Index was at 63, close to the overbought mark.
Chaikin Money Flow at 0. 25 signifies strong buying pressure, which is complemented by the Awesome Oscillator turning green, implying that the bullish pressure is on the rise.
