- 1 The LDO price is changing its trend in the bear’s favor.
- 2 LDO price is up by 1.54% in the last 24 hours.
The price of LDO is currently seeing an increase in selling activity within the past few weeks. It recently broke its significant support level of 200 EMA near early May, indicating that the price can see a further decline in its value within recent days.
The Social Dominance level of LDO is seeing a slight increment whereas its social engagement level has surged by 112%. The positive development in these levels indicates that potential investors are showing interest in the token.
Social Engagement and Dominance Comparison of Lido Token
The fees and revenue of LDO tokens reached their all-time high near late April showing a significant increase in the number of users since last year. The TVL (Total Value Locked) of Lido is 47.4B at present, observing a sharp decline.
Steady Increase in Fees and Revenue of Lido Token
The LIDO price has recently given a close below the major EMA level. The price has been trading above the 200 EMA for the past 5 months. The price of Lido can take a retest before changing its trend. If it is unable to cross above the 200 EMA within the next few days it can see a bearish reversal in the trend.
Technical Analysis ( 1 Day Timeframe )
At present, the price is trading below all the major 20/50/100/200 EMA levels. 50 EMA is giving a bearish crossover to the 100 EMA on the Daily timeframe.
The RSI line is currently trading in the demand zone of around 38.15 points just near the oversold level. Whereas the 14 SMA is trading near the median line at 38.17 points providing resistance to it. The RSI line is trading near the demand zone, it may take a bullish reversal.
The stochastic RSI has been consolidating within the oversold level for the past few weeks below 30 RSI points. The %K line has crossed above the %D line and it is making an attempt to cross above 30 points. At present the value of Stochastic RSI is 19.02 points.
According to analysis, LDO price is suggesting a reversal in trend. If the price fails to recover its previous bull trend it may see a significant decline. The LIDO token has recently experienced a positive surge in Fees and Revenue, it is currently moving at an all-time high level which indicates that new investors are started to onboard.
Technical levels –
Support – $2.000
Resistance – $3.000
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.