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Lido DAO surges 21% to a 2 months high amid soaring demand
Lido DAO has experienced an extraordinary surge of 21.53%, reaching a 2-month high of $1.15 before slightly retracing to $1.13, as investors rush into the market following BlackRock’s filing for ETHA staking.
The price uptick is largely attributed to the significant interest generated by BlackRock’s recent announcement to add staking to its Ethereum ETF [ETHA]. This development has led most market participants interpreting it as a bullish signal due to the fact that staking mainly takes place through Lido DAO. This means any growth in ETH staking will naturally boost demand for Lido’s stETH derivatives, further enhancing POS.
In light of this, investors have been scrambling to accumulate the altcoin. A staggering 48.6 million in Buy Volume compared to 45.7 million in Sell Volume was recorded on July 17th by Coinalyze. As of this writing, the same metric stood at 15.3 million in Buy Volume and 13.4 million in Sell Volume.
As a result of these developments, we have observed two consecutive days of positive Buy-Sell Delta, with the magnitude at 2.8 million and 1.8 million respectively. The strength of market conviction is typically reflected in this indicator, as it indicates that investors are now shifting towards aggressive accumulation.
Regrettably, profit takers have begun to creep into the picture, resulting in a $5.2 million Netflow. Although this figure dropped significantly to $2.77 million by press time, it still underscores an increase in Lido Finance’s scarcity as a result of more assets being made available for immediate sale on Exchanges.
In light of these developments, a closer look at the altcoin’s momentum is necessary to understand if the rally will be sustained or if bears might take control. It appears that Lido has seen a strong uptrend, driven by buyers rushing into the market, with indicators suggesting the possibility of further growth.
However, a critical point to consider is whether these bulls can withstand any potential selling pressure, particularly from profit takers looking for quick gains.
Source: ambcrypto.com
