Lido DAO’s Price Rallied by 178% In the Last 7 Days, What’s Next?
2022.07.19 02:34
Lido DAO’s Price Rallied by 178% In the Last 7 Days, What’s Next?
- Lido DAO (LDO) has rallied more than 170% over just the last 7 days.
- Ethereum’s tentative deadline for the launch of the merge is one of the expected reasons for the price rally.
- The relative positions of the 20 and 50 EMA suggest that LDO’s rally is not over yet.
Lido DAO (LDO) has rallied more than 170% over the last 7 days. Will LDO be able to continue its rally, or will traders look to take profit – resulting in a retracement?
At the time of writing, Lido DAO (LDO) is one of the top 100 biggest cryptos in terms of market cap, according to CoinMarketCap. LDO occupies the 78th position, which leaves the crypto behind Enjin Coin (ENJ) in the 77th position and front of Kusama (KSM) in the 79th position.
LDO is trading at $1.59 after reaching a high of $1.84 over the last day. Although LDO is currently down by 3.42%, it is still up 157.32% over the last week.
LDO’s market cap now stands at $494,603,786 while its 24-hour trading volume stands at $181,456,738. This means the trading volume for LDO is currently up 28.15%.
Daily chart for LDO/USDT (Source: CoinMarketCap)
The daily chart for LDO/USDT shows how LDO dropped from its all-time high (ATH) at launch to establish its daily chart low at just above $0.41. Since then, the MACD line crossed above the MACD signal line to form a bullish flag, which was an early indication of things to come as LDO’s price then initiated its launch.
Recent events and new bullish indicators seem to signal that LDO’s rally is not over yet. The most notable event that happened recently was the Ethereum team giving a tentative deadline for the launch of the long-awaited merge event. Since the announcement of the deadline, LDO’s rally picked up steam and saw LDO’s price rocket to its current level.
The bullish crossing of the 20 EMA line above the 50 EMA line indicates that LDO’s rally may not be over yet.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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