- Buying pressure on Lido remained high throughout last week.
- Most indicators and market sentiment looked bullish on the LDO chart.
all the hype around Ethereum ETFs had a positive impact. Lido Dao (LDO) This is because the token price has risen significantly. The scale of the price rise has been such that the cryptocurrency has recorded double-digit gains on the charts in the last 24 hours alone.
Rideau’s Bull Rally
Lido was one of the tokens that benefited the most from the Ethereum ETF approval episode, with its price rising over 40% over the past seven days. According to CoinMarketCap, the value of the token has risen by more than 11% in the last 24 hours. At press time, it was trading at $2.53, with a market capitalization of over $2.25 billion.
However, what is interesting here is that while Lido has grown by double digits, the value of ETH has only increased by 1% during the aforementioned period. In fact, the price of LDO could get even better as a bullish pattern is now expected to emerge on the price chart.
Popular cryptocurrency analyst World of Charts recently posted the following: Twitter Reveals a bullish flag pattern. The recent price rally has pushed LDO price towards the upper limit of the pattern. A break above the same level could spur further growth of nearly 250% in the coming weeks.
Will LDO grow further?
To determine if LDO can break the bullish pattern, AMBCrypto analyzed data from Santiment. According to our analysis, LDO outflows to exchanges increased sharply last week. This means increased buying pressure. The fact that investors have been buying LDO is further confirmed by exchange data.
Token supply on exchanges has decreased sharply, while supply outside exchanges has increased. As buying pressure increases, prices often rise, increasing the likelihood of a bullish breakout. However, the token supply held by the top addresses decreased on May 24th. This is a sign that whales have sold their token holdings to make a profit.
We then analyzed the daily chart to better understand whether LDO will continue its upward rally. Technical indicator MACD showed a clear bullish lead in the market.
Additionally, the relative strength index (RSI) also showed a sharp rise, suggesting continued price increases. Nonetheless, the token price touched the upper limit of the Bollinger Bands, which often resulted in price corrections.
read Lido DAO (LDO) Free Prediction 2024-25
That said, investor confidence in Lido remains high.
This is also evidenced by data from Santiment, which shows that LDO weighted sentiment surged on May 24 following the decline.