LDO in the Agenda with 8% Price Increase and 58% Increase in Trading Volume!
Open Positions Decreased by 50%: LDO Investors Take Profit, $53 Million Outflow Occurred!
LDO breaking above the upper boundary of the falling channel signals a bullish trend, while if the $1.56 support is lost, prices may drop to $1.08.
LDO, the native token of Ethereum staking platform Lido DAO, has seen a price increase of 8% in the last 24 hours. Its trading volume increased by 58% in the same period, indicating a concentration of trading activity around the altcoin.
However, despite this increase in LDO’s price, there was a significant decrease in open interest, indicating that some futures traders are making a profit by realizing their recent gains.
LDO’s price rally over the past 24 hours has been fueled by rising demand. According to IntoTheBlock data, 891 unique addresses traded LDO on Monday, the highest daily transaction count since February 2023. This increase in daily active addresses indicates that activity and user engagement on the network are increasing in parallel with the price increase, suggesting that the price rally is being driven by real demand rather than speculative trading.
As of today, LDO’s trading volume on crypto exchanges has reached $670 million. According to DefiLlama data, this is the highest trading volume recorded since the launch of the Ethereum staking protocol. However, LDO’s 8% price increase was accompanied by a massive 50% decrease in open interest. According to Santiment data, open interest currently stands at $52 million and has decreased by 50% in the last 24 hours. This suggests that traders are closing their positions to take profits following the price increase.
On the daily chart, LDO’s 8% rally caused it to break out of the upper boundary of the falling channel it has been in since January. This type of breakout occurs at the end of a pattern where the price is trading between two downtrend lines and potentially signals a trend reversal. Breaking out of the upper boundary of the channel could indicate a change in market sentiment and the end of a downtrend. This breakout means that buyers have taken control of the market and the price is moving higher.
If the buying pressure on LDO continues, the price could rise to $2.09, which it reached in August. However, if the selling pressure increases, the price of LDO could lose its recent gains and drop to $1.08 if the $1.56 support is broken.