Lido (LDO) Price Spikes Over 10% In 24 H, Making It Most Profitable Alt
2022年9月1日 - 8:04AM
NEWSBTC
The broader crypto market showed an impressive price rally mid-day,
August 31. Cryptos such as Bitcoin and Ethereum have increased by
0.87% and 2.58%. BTC’s price is $20,319.03, while ETH has regained
a hold on $1589.74. The top coins are now trading in the
greens. But the morning hours of August 31 didn’t sit well
with the assets. Many cryptos lost their 24-hour price gain,
including BTC and ETH. Bitcoin lost its hold on the $20K mark,
while Ethereum followed with a 0.4% loss. Related Reading: Bitcoin
Trades Above $20,000, Has The Fed Failed Again? Others, such as
DOT, DOGE, SOL, and SHIB, lost 2.05%, 2.08%, 1.47%, and 2.21%. But
the higher losers were AVAX and SNX, which dropped by 3.34% and
7.5%. The Tides Have Turned For DAO Lido DAO
coins have spiked by over 11% in the past 24 hours. According to
analysts, this price gain has made it the top profitable crypto
asset. LDO gained support and climbed above its critical resistance
level. Also, the Relative Strength Index for LDO on the chart shows
that it entered the neutral zone. These indicators show an imminent
acceleration and price increase. Right now, LDO is fluctuating
between $1.98 and $2. Also, its trading volume has spiked
considerably. By that, there’s a high possibility of a continuing
price rally. One of the possible reasons for the push on LIDO
price is the upcoming Merge. While many analysts already hint that
the upgrade has been Priced In for Ethereum, the case might be
different for Lido DAO. The decentralized organization is
among the top holders of Ethereum 2.0 staking contracts. So, as the
network upgrades and becomes more scalable, the effect will resound
on Lido. The organization will become a top shareholder of
Ethereum after the upgrade. This means it will have adequate voting
power to participate in network activities. That’s why more people
are buying into this opportunity by purchasing LDO tokens ahead of
time. LDO Journey in August 2022 One reason to celebrate the
upward momentum in LDO is the poor performance that characterized
its August price journey. After shocking its community with a 340%
rally in mid-August, the token started a downward trend.
Related Reading: TA- Near Protocol Struggles With Resistance, Can
Bulls Push Price To $6? The LDO price jump was linked to the
Ethereum Merge event. As a major shareholder in Ethereum 2.0, the
upgrade favored the decentralized organization. But the token
couldn’t sustain the spike and continued losing until it fell below
its 50-day moving average on August 26. At that point, investors
lost hope of a reversal until this latest price gain. Currently,
the 24-hour gain has attracted more attention toward LDO. The
community expects to see more spike in value as the Merge date
approach. Featured image from Pixabay and chart from
TradingView.com
NEAR Protocol (COIN:NEARUSD)
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