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- Lido DAO volume witnessed a small advance in the last 24 hours.
- This platform has witnessed a new milestone in its TVL.
Lido DAO is a decentralized autonomous organization that sets key parameters such as fees, node operators, and oracles. It is primarily used for staking ETH on Entereum 2.0 in a decentralized way. The token was co-founded by Jordan Fish and Konstantin Lomashuk. The coin was first launched in December 2020.
LDO crypto’s highest volume is traded with the USDT pair following a total volume of 5.7546M. The Lido DAO has witnessed a spike of 8.95% in the derivatives volume. It has caused an advance of 4.50% in the open interest resulting in $46.17M in the last 24 hours. The volume for the LDO crypto spot has also advanced by 3.43%, ranking #83 in the crypto market as per CoinMarketCap.
With the advance in LDO crypto’s price, its market cap has also advanced by 1.65%. The crypto also has a TVL of $13.94B, which is one of the highest yet recorded. It leads to a market cap/ TVL ratio of 0.09980422. The current circulating supply of the Lido DAO crypto is 890.281M LDO, following a total supply of 1.0B LDO.
LDO Crypto Price Breaks Below Consolidation, What Can Happen Next?
The LDO crypto’s price was consolidating inside a zone for a long time and has recently broken down. This behavior of the price represents the sellers’ bias on the coin’s price. The Lido DAO is also making bearish candlestick patterns on the chart and the structure of the market is totally negative.
On looking at the EMAs on the daily timeframe of LDO crypto, it can be seen that the EMAs are trading in a bearish cross. The coin’s price has declined below the 50-day and the 200-day EMA.
The RSI for the LDO crypto has bounced above the oversold zones. Despite this bounce in the value of the RSI, the token is still trading below the 50 level indicating the presence of sellers in the market.
Lido DAO Liquidation Analysis
The LDO crypto has witnessed a good volume of liquidation in the last 24 hours. It has witnessed a long liquidation of $41.37K against a short liquidation of $19.35K. That has led to a long/short ratio of 0.9501.
Conclusion
Lido DAO has reported a very good growth in its TVL. Despite this, the traders’ community does not seem very optimistic about the token as it has witnessed a higher long liquidation. The technicals of the crypto show negativity as the price has declined below the consolidation. The technical indicators like the EMA and the RSI are also bearish on the charts.
Therefore, we may get to see lower prices in the LDO crypto in the upcoming days.
Technical Levels
- Support levels- $0.9340 and $1.4300
- Resistance levels- $2.500 and $3.030
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
