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Lido DAO 30% Correction: Should Investors Consider Buying LDO?

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The native token of the decentralized liquid staking protocol, Lido DAO has been going through the roof over the past few sessions. Following a spectacular move at the beginning of this month, LDO experienced a 30% correction due to the U.S. Securities and Exchange Commission’s (SEC) allegations.

LDO displayed signs of a turnaround, giving investors a glimmer of hope.

Based on the Ethereum network, Lido DAO’s recent tumble allows investors to buy on the dips, as the anticipated Ether ETF arrival was in the investors’ eyes. It might boost altcoins to new highs.

As can be seen, LDO is involved in Ethereum staking, which means that it can trigger a recovery and make it worth buying during the ongoing dips.

Moreover, crypto experts are anticipating a recovery in the market, which might also fuel a recovery in the selected altcoins.

At press time, the LDO token traded at $1.77 with an intraday drop of 9.36%, reflecting a selloff on the charts. It has a monthly return ratio of -24.30% and 20.20% yearly, reflecting short-term profit booking.

The pair of LDO/BTC was at 0.0000293 BTC, and the market cap is $1.58 Billion. Analysts looked neutral and suggested that the LDO price may recover gains and would soon retest the $2 mark.

LDO Price Analysis (Daily Chart)

LDO slipped below its weekly low mark of $1.85 falling in the last few hours. With an intraday drop of 12%, the sellers looked aggressive and looked forward to pushing LDO toward the $1.50 mark in the upcoming sessions.

The technicals revealed that the token closed near to its demand region and looked oversold. However, from that point, a recovery is likely.

Lido DAO (LDO) Price Analysis Chart | Source: Santiment

The price action showed that it had faced a notable rejection from its cluster of $2.40 and failed to hold gains. Afterward, a media news-led selloff eroded its initial gains and fell to the monthly low mark of $1.70.

The RSI curve fell below the midline region, and a negative crossover was noted. Notably, the trading volume consistently increased and surged over 43% in the last hours, highlighting the volume-based selloff.

What Did Price Volatility and Weighted Sentiment Data Hints?

Amidst the price decline, the weighted sentiment data recuperated from the bottom mark and spiked over 32% this week. It implies a neutral outlook among the investors.

Price Volatility and Weighted Sentiment Data | Source: Santiment

Meanwhile, the price volatility curve reflected sharp fluctuations and rose 29% in the last few hours, at the 0.032 mark.

Social Dominance and Development Activity Insights

In the past few weeks, the social dominance data reflected stability and remained close to the midline region at around 0.041%, revealing consistent user engagement on the media platforms.

Social Dominance and Development Activity Chart | Source: Santiment

Notably, the development activity data continued to scale and surged 13% to the 127 mark, revealing a positive outlook.

A tweet by @iCryptoAI mentioned that LDO exhibited a bearish stance and displayed deposit activity on the exchange.

A Tweet by @iCryptoAI | Source: X

The immediate support levels for the Lido DAO token are $1.50 and $1.30, whereas the key upside hurdle is around $2.0, followed by $2.30

The Lido DAO token price dragged below its significant moving averages and traded with a bearish bias. Undoubtedly, the sellers have dominated the battle, and the token might face pressure in the future.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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