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- LDO hits an all-time high at $3.83, showcasing 18.29% growth amidst ETF confusion, reflecting robust investor trust.
- The surge in LDO’s market cap and volume signals a strong investor shift toward DeFi’s promising future.
- Technical analysis reveals LDO’s potential bullish surge, backed by increasing buying pressure and a positive MACD trend.
Lido DAO (LDO) has been bullish in the past 24 hours despite the market turbulence triggered by misinformation regarding Bitcoin ETFs. Investors have seen LDO’s value soar from an intra-day low of $3.13 to an all-time high of $3.83. LDO traded at $3.78 at press time, marking an 18.29% increase from its 24-hour low.
LDO/USD 24-hour price chart (source: CoinStats)
Significantly, this upward movement in Lido DAO’s price has been accompanied by a notable surge in market capitalization and trading volume. The market cap has risen by 18.26% to reach $3,363,562,356. Moreover, the trading volume has escalated dramatically, increasing 117.04%, now at $366,939,528. This heightened activity underlines the growing investor interest in Lido DAO.
Impact of False Bitcoin ETF (TSX:EBIT) Approval Announcement
Additionally, the crypto market recently experienced a whirlwind due to a false announcement regarding Bitcoin ETF approvals. This misinformation momentarily pushed Bitcoin’s price to a high of $47,900, only to settle back to $45,500. The fake SEC post, which falsely claimed the approval of all Bitcoin ETFs, led to significant market liquidations totaling over $140 million within hours.
Consequently, the market saw substantial liquidations. Over $70 million in long positions and around $65 million in short positions were cleared out. These rapid movements in the market emphasize the volatile nature of the cryptocurrency space.
LDO/USD Technical Analysis
The Chaikin Money Flow (CMF) rating of 0.18 on the LDO/USD indicates moderate purchasing pressure in the market. This pattern shows that investors are accumulating the asset, which could lead to an increase in price. If the CMF rating continues to rise, it may indicate more purchasing pressure and a potential bullish surge for LDO/USD.
LDO/USD 4-hour price chart (source: TradingView)
Furthermore, the Moving Average Convergence Divergence (MACD) rating of 0.14975247 indicates that the market for LDO/USD is slightly positive. The MACD indicator is trending above its signal line, indicating that purchasing pressure is increasing. This could bolster LDO/USD’s probable higher price movement. However, if the MACD rating begins to fall, it could imply a decreasing positive momentum and a probable market reversal for LDO/USD.
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