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- Ethereum’s upcoming Shanghai Fork.
- Bitforex announced the listing of LDO.
- Weekly rises in price are more than 35%.
The Lido DAO project is a staking platform where users can stake their ETH tokens. Lido DAO (LDO), despite the speculative times in the crypto industry, has performed well since day one of 2023. LDO prices have risen immensely by a whooping 35% in the past week. Many viewers of the token ascribed this rise to the upcoming Shanghai Fork of Ethereum. This update will facilitate the withdrawal of their staked ETH tokens.
In addition to this, Bitforex disclosed the listing of LDO on the exchange. The new listing has hinted towards the increased project scope and may be responsible for the price increase observed in the token.
The picturesque
The LDO prices have undergone a bullish breakout with the prices shooting up by more than 35% in the past week. The volume also reflects sellers engaging with the token’s price rally. The recent price action shows a correction, heavily impacting the trading volume. The tall bars are painted red as prices rectify the rise. All significant EMAs float below the current prices of $1.88. The corrective movement is supported by the dropping OBV. If present prices fall below the breakdown level $1.80, it can set a low run that may reach near $1.30.
The CMF oscillates about the baseline to show temporary rise in prices, and that they might soon rectify. The MACD records bulk purchases being made as investors took advantage of the rally. The RSI escalated to the overbought zone and mirrored the overwhelmed responses of the buyers.
4 hour POV
The smaller time frame study shows the price to retrace to the original prices. The CMF falls far below the zero mark showing the high paced rectification. The MACD quickly transforms from buyers to sellers, with lines converging in the higher zone. The RSI slides down from the ceiling range to the neutral zone. These transitions reflect the price may fall soon to the original prices.
Conclusion
The market for LDO has witnessed a price rocket over a period of few days. The prices have begun to rectify and may land near the range of $1.30. Holders may watch for the $1.80 breakout zone, to short the investment.
Technical levels
Support levels: $0.890 and $0.454
Resistance levels: $2.124 and $2.668
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
