Image default

Lido DAO 25% Rally Setup in Play as Mysterious Whale Accumulates $40M LDO Tokens

Read on Read on Google NewsGoogle News

NEW DELHI ( — Lido DAO (LDO) could rally 25% in March owing to a mix of supportive technical and fundamental indicators.

Strong Lido DAO Accumulation Signals

One of the primary bullish signals for LDO comes from whale activity. Data tracker Lookonchain notes that a mysterious investor had accumulated LDO en masse since November 2021, when the crypto market peaked, and is now sitting on handsome profits.

Notably, the whale purchased nearly $40 million worth of LDO from Binance at an average rate of around $2.50 per token. As a result, he has earned about 6% in paper profits since November 2021, amounting to around $2.58 million.

The strong accumulation signals align with Lido DAO’s growing popularity as the leading Ethereum (ETH) staking provider. The platform enables users to bypass Ethereum’s 32 ETH deposit requirement to become validators on its proof-of-stake blockchain.

Also Read: These five crypto assets have rallied over 100% in 2023 so far

As of March 7, Lido DAO had received 5.49 million ETH (worth about $8.64 billion) from its customers.

Lido DAO staking data
Lido DAO leads Ethereum staking providers based on the number of ETH accumulated. Source: Glassnode

The demand for Lido DAO services will likely increase after Ethereum undergoes its Shanghai hard fork in April. The network upgrade will reportedly enable users to withdraw their locked Ethereum funds on demand.

Technical Bounce Ahead

From a technical perspective, LDO eyes a strong rebound after teasing an ascending channel’s lower trendline as support.

Lido DAO price daily chart
LDO/USD daily price chart. Source: TradingView

The said trendline has earlier served as an accumulation point for LDO traders. Meanwhile, its bounces have exhausted near the ascending channel’s upper trendline, a phenomenon that could repeat in March.

In other words, LDO’s price could reach $3.34, up 25% from current prices. Conversely, a breakdown below the lower trendline could land the token near $2.23.

The post Lido DAO 25% Rally Setup in Play as Mysterious Whale Accumulates $40M LDO Tokens appeared first on CoinChapter.

Source link

Related posts

SOL Price (Solana) Aims Reversal And Might Climb To $25

Amorette Lepage

Why is Aptos up today?

Amorette Lepage

Internet Computer token ICP Plunges 20% in a Week And Could Drop to Zero

Amorette Lepage

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy