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- Paradigm Capital transfers $61.82M LDO from Coinbase to a new wallet.
- Lido DAO token price rebounded massively, over 30% this week.
Lido DAO (LDO) price displayed a massive spike of over 30% this week. It was edging closer to a range breakout. Buoyed by rising institutional interest, significant speculative moves were noticed in the last few sessions.
Recently, Paradigm Capital transferred about 70 million LDO tokens worth about $96.6 Million. 8.18 Million LDO tokens worth about $11.29 Million were sent to Coinbase Prime. Additionally, 61.82 million LDO tokens were transferred to a new wallet.
Paradigm had invested about 15,120 ETH or $53,250 Million at that time to lock up their LDO tokens. This latest transaction revealed Paradigm opting to transfer most of these tokens to the new wallet.
Paradigm Capital transferred all 70M $LDO($96.6M) out 2 hours ago, of which 8.18M $LDO($11.29M) was deposited into #CoinbasePrime and 61.82M $LDO($85.31M) was transferred to a new wallet.#Paradigm spent 15,120 $ETH($53.25M) to buy 70M $LDO at $0.76 on May 5, 2021.… pic.twitter.com/rQ84gLWntd
— Lookonchain (@lookonchain) November 7, 2024
This could be a way of holding or migrating the tokens for further term gains rather than just a money grab.
Lido DAO Price Outlook Turns Bullish: Analysts Weigh In
A recent price surge of over 30% from the support mark of $0.960 fueled fresh hope among investors. Market participants were eager to watch a range breakout and looking to preempt the move.
Lido DAO price has been capped in a range for the last three months. It has yet to violate the 200-day EMA barrier. However, the current positioning of the LDO token signifies that a breakout was on the horizon.
Analyst WorldofCharts, in his tweet, revealed that the Lido DAO token price had breached the horizontal neckline. It could achieve a successful close above the trendline mark of $1.20. If this happens, a bullish rally toward the $3 mark can be anticipated in the coming sessions.
$Ldo #Ldo Currently Breaking Horizontal Area After Successful Breakout Ldo Can Test Major Trendline Once Trendline Got Cleared It Can Touch 3$ (Even Higher Can Go) Within Few Days https://t.co/jCi5TPFG8U pic.twitter.com/Kz3IuyScn1
— World Of Charts (@WorldOfCharts1) November 7, 2024
Per the Fibonacci retracement levels, the Lido DAO token price rested above the 23.6% zone. Additionally, the token was trying to cross the 38.2% zone.
Lido DAO Price Prediction: Is a Rally Toward $2 Imminent?
The LDO price has crossed the 100-day EMA barrier. It was eyeing to trigger a range breakout shortly. After four months of correction, buyers succeeded in climbing past the 100-day EMA mark and anticipated a significant upside ahead.
Lido DAO token traded at $1.27, noting an intraday decline of over 4.30%. This has revealed a slight profit booking.
However, most technical indicators reflect a bullish outlook. The Relative Strength Index (RSI) curve rests in the overbought zone, suggesting a positive outlook.
Moreover, the Money Flow Index (MFI) reading depicts a bullish stance as significant inflows enter the market. However, the ADX was still looking weak around 18, which displays a lack of directional strength.
Amid the recent bounce, the short-term trend was still sideways. A daily close above the $1.50 mark would permit the bulls to capture momentum, and a fresh uptrend could be seen.
The OI-weighted funding rate remained positive at around 0.0097%. That displayed significant demand for long contracts.
The immediate support zones for the LDO token were $1.20 and $1.10. At the same time, the upside hurdles were $1.35 and $1.50.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
