Lido Finance Market Leader in Liquid Staking Protocols: Report
- At press time, the price of LDO is down more than 7% to trade at $2.55.
- Moreover, the altcoin’s price is at risk of dropping to $0.2307.
Market intelligence provider Messari (@MessariCrypto) tweeted this morning that Lido Finance (LDO) has established itself as the market leader in liquid staking protocols due to a contribution by its attractive incentives. The tweet added that new market entrants such as Rocket Pool are adopting similar strategies and are using their native token to increase their market share and liquidity.
In related news, the price of LDO has fallen 7.50% in the last 24 hours according to CoinMarketCap. In addition to weakening against the U.S. dollar, the altcoin also weakened against the two leading cryptos Bitcoin (BTC) and Ethereum (ETH) by 6.01% and 6.74% respectively. As a result, LDO is currently trading at $2.55.
LDO’s price is presently trading within an ascending price channel after its price printed higher highs and higher lows over the last 2 weeks. This channel has boosted LDO’s price to above the key price level at $2.55 which had been flipped from a resistance level into a support level.
At press time, it seems that the key price level may be flipped back into a resistance level by the end of today’s trading session given LDO’s price is currently hanging by a thread.
Despite the 9-day EMA crossing bullishly above the 20-day EMA line on Tuesday, the daily RSI indicator suggests that LDO’s price will fall in today’s trading session. This bearish thesis has already played out given the altcoin’s latest 24-hour loss. However, LDO’s price may continue to drop further if it closes today below $0.255.
Should this happen, LDO’s price will make a move toward the next support level at $0.2307. On the other hand, LDO’s price closing today above the aforementioned $0.255 level will see the crypto’s price make a move toward $2.675 in the next 24-48 hours.
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.