Date: Mon, Nov 11, 2024, 10:21 AM GMT
The crypto market is off to a roaring start this week, maintaining the bullish momentum ignited by Donald Trump's election victory on Nov 5. Since then, Bitcoin (BTC) has been hitting new all-time highs almost daily, with the latest peak at a stunning $82,371. This rally has fueled gains across major crypto assets and even driven up prices in altcoins.
Meanwhile, Lido DAO (LDO) has experienced a significant decline, dropping over 7% in the past 24 hours. This comes after an impressive rally of 30% over the last week, with LDO currently trading at $1.26

Source: Coinmarketcap
$50M Sell-off
One of the primary factor behind LDO’s recent pullback is a massive sell-off by three of the original Lido DAO members. As reported by Spotonchain, these members collectively sold nearly $50 million worth of $LDO , putting downward pressure on the price. Here’s a breakdown of the sell-off:
Paradigm deposited 36.51M LDO ($47.7M) to Coinbase Prime, reducing their holding to 33.49M LDO ($41.9M).Delphi Digital transferred 859,703 LDO ($1.13M) to Wintermute Trading four days ago.KR1 plc moved 600K LDO ($749K) to Kraken, currently holding 11.3M LDO ($14.25M).

Source: @Spotonchain (X)
This large sell-off during last week's rally led to increased selling pressure, contributing to the recent price decline.
Is Recovery Ahead?
Despite the drop, LDO’s technical setup suggests that a recovery could be on the horizon. After breaking out above the key psychological level of $1.00, LDO surged to a high of $1.49, encountering resistance at this level. The subsequent rejection brought LDO back down to $1.27, with the price now hovering above a minor support level at $1.22.

If LDO continues to hold above this $1.22 support, it may signal buyer interest and a potential for a quick recovery. The price action suggests that LDO could attempt to retest the $1.49 resistance level in the short term. A breakout above $1.49 would indicate renewed bullish momentum, potentially pushing LDO toward the $1.80-$2.00 range, where the next significant resistance levels lie.
Key Technical Levels
Support at $1.22: This level has acted as a buffer for the recent decline. Holding above this level may provide a foundation for a potential bounce.Resistance at $1.49: A key resistance level that previously capped the rally. A break above $1.49 could set LDO up for further gains.Upside Target Range ($1.80 - $2.00): If LDO breaks above $1.49 with strong volume, the next resistance levels are around $1.80 and $2.00, which would mark a substantial recovery.
Conclusion
While the recent $50M sell-off caused a temporary setback, LDO’s price action indicates that a recovery may be in store. As long as it maintains support above $1.22, the potential for a rally toward $1.49 and possibly higher remains intact. However, a break below $1.22 could signal further downside.
Investors should keep an eye on the $1.49 resistance level and look for volume increases to confirm any breakout. With BTC leading a market-wide rally, LDO might still benefit from bullish sentiment across the crypto space.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
#LidoDAO

You can see my previous analysis of Lido DAO (LDO) in the chart below.

All the targets I specified for #LDO have arrived. Now it's time to set new goals. In a situation where interest rates all over the world have reached their peak and are about to start their downward movement, the importance of platforms such as #Lido will increase even more. When we examine the chart, we see that the support point that can be considered for the purchase is 2.06 USDT and the resistance points it will encounter will be 2.785 and 3.272 USDT levels, respectively.

#LidoDAO kripto para ekosistemi içerisinde en beğendiğim projelerden biri. Yalnızca kısa vadeli değil uzun vadeli de yatırım yaparak önemli bir hareket bekliyorum. Uzun vadeli hedeflerimden ziyade bu yazıda kısa vadeli hedeflerimden bahsedeceğim. #LDO için yakın zamanda alım yapacağım ilk seviye olası bir 2.55 USDT seviyesi olacaktır. Bu seviyede alım düşünmemin sebebi ise muhtemel bir ikili dip formasyonu oluşturacak olması.
Aşağıdaki grafikte bu muhtemel ikili dip formasyonunu görüntüleyebilirsiniz.

İkili dip formasyonları genelde önemli bir yükseliş hareketini beraberinde getirir. Bu hareket ile LDO 'nun önemli bir yükseliş gerçekleştirmesini bekliyorum. Bu sebeple tekrar alım yapmayı beklediğim ilk seviye 2.55 USDT seviyesidir.

$LDO $ETH