LDO Recently Recorded Its Largest Transaction in 2 Years

  • According to the post, $135 million LDO was recently sent from one self custody wallet to another.
  • At press time, LDO’s price was trading at $1.85 following a 1.45% drop.

In a tweet yesterday, the blockchain analytics firm Santiment mentioned that Lido DAO (LDO) recently saw its largest transaction in 2 years. According to the post, $135 million worth of LDO was moved from one self custody address to a new one. Notably, this is the 8th largest transaction of all-time on the LDO network.

At press time, the altcoin’s price stood at $1.85 after dropping 1.45% in the previous 24 hours, according to CoinMarketCap. LDO was, however, still able to outperform the market leaders Bitcoin (BTC) and Ethereum (ETH), and printed a 0.02% gain against BTC and a 1.56% gain against ETH.

The last 3 weeks have been troublesome for the altcoin’s price, as it spiralled downward during this period. As a result, the key support level at $2.218 was flipped into resistance and a bearish cross between the 9-day and 20-day EMA lines ensued. This caused LDO’s price to drop to the next major support level, where it traded at press time, at $1.787.

LDO’s woes may be coming to an end, however, as the daily RSI line has levelled off in oversold territory. However, the current support level at $1.787 is the crypto’s last line of defence before dropping all the way down to December 2022 levels at around $1.163. Therefore, bulls may enter LDO’s charts in the coming weeks to resurrect its price.

Bulls will have to overcome the 9-day and 20-day EMA lines, which are acting as resistance levels, before they can elevate LDO’s price back to the next resistance level at $2.218. A confirmation of a bullish reversal of the current trend will be when either LDO’s price breaks above the 9-day EMA line or the daily RSI line crosses above the daily RSI SMA line.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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