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Lido DAO Surges 21% to a 2-Month High Amid Soaring Demand
In a remarkable turn of events, the price of Lido DAO (LDO) has surged by an impressive 21.53% over the past day, reaching a two-month high of $1.15 before slightly retracing to $1.13 as of press time. This unprecedented rally comes in the wake of BlackRock’s recent filing to add staking to its Ethereum ETF, which has sent shockwaves through the market.
The surge in demand for LDO can be attributed to the fact that this altcoin is a crucial player in the Ethereum staking space, with most ETH staking processes set to run through it. This news has understandably triggered a massive influx of investors seeking to capitalize on the potential growth opportunities presented by this development.
Buyers Rush In
As the news spread like wildfire, market participants scrambled to get in on the action, resulting in an astonishing 219.9% increase in trading volume to $471 million. Meanwhile, the scarcity indicator, known as the Stock-to-Flow Ratio (SFR), has taken a sharp downturn, plunging to a low of 26.4. This metric is often seen as a reliable gauge of market sentiment and may signal an impending decline.
RSI Surges
In further support of this thesis, our charts indicate that Lido’s Relative Strength Index (RSI) has skyrocketed to 78, entering overbought territory. The DMI indicator also spiked to 41, suggesting strong upward momentum and the potential for continuation in the short-term. This confluence of factors may not bode well for bears, as it implies that bulls are still firmly in control.
Potential Targets
If buyers can maintain their momentum and continue their aggressive accumulation, we may see LDO reach new heights, possibly even targeting $1.40 in the days ahead. However, this upward trajectory is by no means assured, as profit takers have begun to creep into the market, casting a shadow over the potential for a continuation of the uptrend.
The first level of support should be seen at $0.97 if LDO’s price begins to correct itself.
Source: ambcrypto.com
