In a tweet yesterday, the blockchain analytics firm Santiment mentioned that Lido DAO (LDO) recently saw its largest transaction in 2 years. According to the post, $135 million worth of LDO was moved from one self custody address to a new one. Notably, this is the 8th largest transaction of all-time on the LDO network.
At press time, the altcoin’s price stood at $1.85 after dropping 1.45% in the previous 24 hours, according to CoinMarketCap. LDO was, however, still able to outperform the market leaders Bitcoin (BTC) and Ethereum (ETH), and printed a 0.02% gain against BTC and a 1.56% gain against ETH.
Daily chart for LDO/USDT (Source: TradingView)
The last 3 weeks have been troublesome for the altcoin’s price, as it spiralled downward during this period. As a result, the key support level at $2.218 was flipped into resistance and a bearish cross between the 9-day and 20-day EMA lines ensued. This caused LDO’s price to drop to the next major support level, where it traded at press time, at $1.787.
LDO’s woes may be coming to an end, however, as the daily RSI line has levelled off in oversold territory. However, the current support level at $1.787 is the crypto’s last line of defence before dropping all the way down to December 2022 levels at around $1.163. Therefore, bulls may enter LDO’s charts in the coming weeks to resurrect its price.
Bulls will have to overcome the 9-day and 20-day EMA lines, which are acting as resistance levels, before they can elevate LDO’s price back to the next resistance level at $2.218. A confirmation of a bullish reversal of the current trend will be when either LDO’s price breaks above the 9-day EMA line or the daily RSI line crosses above the daily RSI SMA line.
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Source: Cryptocurrency - investing.com
