Lido DAO

Million

Coin

Lido DAO seemed to be stabilizing after near the $1.5 level in recent sessions. Moreover, the price bounced back yesterday. The recovery in the blue chip cryptocurrencies added a boost to the investors sentiments.&nbsp; 
In the earlier sessions, Lido DAO failed to grab investors’s attention amid the broader market recovery. However, the recent surge in the Open Interest contracts may change that. The open interest contracts have noted a nearly $15 Million surge which may trigger a recovery.&nbsp; 
LDO market capitalization was $1.46 Billion, ranking 53rd on conimarketcap. 
<h2 class="wp-block-heading" id="h-investor-confidence-wavers-in-lido-dao">Investor Confidence Wavers in Lido DAO</h2> 
Bulls initiated a recovery yesterday due to which <a href="https://www.thecoinrepublic.com/2024/07/09/lido-dao-records-43-million-outflows-as-price-crashed-20-a-week/">LDO surged nearly 7.5%</a>. In conjunction with the price surge, there has been a notable rise in the open interest in the last couple of sessions. <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (LDO), Price (LDO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=lido-dao&amp;pt=LDO&amp;df=2024-07-03T18%3A30%3A01.089Z&amp;dt=2024-07-11T18%3A29%3A59.089Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe> 
A financial and on-chain analytics website revealed that the number of outstanding contracts in Lido DAO has surged by $15 Million. The open interest contracts have surged from $70 to $85 indicating a jump of nearly 20%. 
Furthermore, the transaction volume has surged by 16.1% to reach $121.7 Million a day. The increased transaction volume indicates a heightened demand. Moreover, the volume to market cap ration was 8.41% suggesting mild volatility.&nbsp; 
<h2 class="wp-block-heading" id="h-can-lido-dao-break-out-of-the-correction-phase">Can Lido DAO Break out of the Correction Phase?</h2> 
From a technical standpoint, Lido DAO crypto was hovering below the 20, 50 and 200 EMAs, suggesting a prevailing bearish trend. The EMAs may offer resistance.&nbsp;  
<a href="https://in.tradingview.com/chart/LDOUSD/LzCJrX66-Can-15-Million-Inflow-Trigger-A-Revival-In-Lido-DAO-LDO/"> </a> &nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a> <a href="https://in.tradingview.com/"> </a>  
For a bullish reversal, the price needs to overcome the key dynamic resistances. on the lower side, the $1.5 level may act as a support which if breached may force the price to decline towards the $1 level. 
At the time of writing, the RSI line was placed close to 40 points and that of the 14 day SMA line was placed close to 39 points indicating a weakness over the charts. Moore over a bullish crossover of both the lines was observed indicating a possible rebound.&nbsp; 
LDO recently showed signs of stabilization, with a 7.5% price surge yesterday. Moreover, a $15 Million increase in open interest contracts suggests a potential recovery. Furthermore, a 16.1% rise in transaction volume and open interest suggests growing demand and investor confidence. From a technical point of view, Lido DAO hovers below key EMAs, indicating a bearish trend, but a bullish reversal is possible if it breaks through dynamic resistances. Currently, the RSI and SMA lines suggest market weakness, yet a bullish crossover points to a potential rebound, with $1.5 as a critical support level. 
The post <a href="https://www.thecoinrepublic.com/2024/07/12/can-15-million-inflow-trigger-a-revival-in-lido-dao-ldo/">Can $15 Million Inflow Trigger A Revival In Lido DAO (LDO)?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Can $15 Million Inflow Trigger A Revival In Lido DAO (LDO)?

Table of Contents

Thecoinrepublic.com

Other articles published on Jul 12, 2024

Cosmos and Sei Investors Pivot to MoonBag, The Top Meme Coin Presale of 2024

SHIB Competitor Raises $600K In A Week: New High-Gain Contender In Meme Coin Sector

Top Analysts Predict 25% Spike for PEPE Meme Coin Despite Mixed Signals: Key Resistance and Suppo...

ALEX Governance: 100% Protocol Revenue for Recovery Grants

Cryptocurrency Market Faces Intense Activity

Affordable Cryptocurrencies to Consider as Markets Anticipate Return of Bull Run

Join our free newsletter for daily crypto updates!