• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Lido DAO most ‘overbought’ since April as LDO price rallies 150% in two weeks — what’s next?

Jon Hartney by Jon Hartney
July 16, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Ethereum 2.0’s tentative launch in September raises LDO’s prospects of holding its gains.

The price of Lido DAO (LDO) dropped heavily a day after its key momentum oscillator crossed into “overbought” territory.

LDO undergoes overbought correction

LDO’s price plunged to as low as $1.04 on July 16 from $1.32 on July 15, amounting to a 20%-plus decline. The token’s sharp downside move took its cues from multiple bearish technical indicators, including its daily relative strength index (RSI) and its 100-day exponential moving average (EMA).

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

LDO’s latest plunge came after it rallied over 150% in just two weeks, a move that simultaneously pushed its daily RSI above 70 on July 15, thus turning it overbought. 

An overbought RSI signals that the rally may be nearing an end while readying for a short-term pullback.

Meanwhile, more downside cues for the Lido DAO token came from its 100-day EMA (the black wave in the chart above) near $1.30, which capped LDO from extending its 150% price rally.

LDO/USD daily price chart. Source: TradingView

In its initial stages, the price action looked similar to LDO’s correction in April 2022, after its RSI crossed above 70 for the first time in history. Notably, the Lido DAO token had undergone a 90%-plus price decline to reach $0.39, its record low, by mid-June 2022. 

Related: What are the top social tokens waiting to take off? | Find out now on The Market Report

That raises LDO’s potential to repeat the April-June 2022 correction, albeit with no exact bottom in sight. That said, the token’s interim downside target appears near its 50-day EMA (the red wave) at $0.90, down another 20% from today’s price.

On the other hand, a break below the 50-day EMA would risk crashing LDO to around $0.75, which coincides with the 0.618 Fib line of the Fibonacci retracement graph drawn from $0.39-swing low to $1.31-swing high.

Ethereum 2.0 expected in September

On July 15, Ethereum developers confirmed that their network’s much-awaited transition to proof-of-stake from proof-of-work, dubbed “the Merge” or “Ethereum 2.0,” would tentatively occur on September 19.

LDO surged nearly 25% on the day of the announcement due to its close ties to Ethereum.

In particular, LDO serves as a governance token at Lido, a liquid staking platform that has locked over 4.13 million ETH (worth around $5 billion) into Merge’s official smart contract on behalf of its users.

Ethereum 2.0 total value staked by provider. Source: Glassnode

Post Ethereum’s announcement, the number of Ether deposited into the Merge smart contracts via Lido increased.

With Lido currently the biggest provider by total value staked, a successful Merge launch could bring more users to Lido, which, in turn, could boost demand for LDO tokens.

Therefore, a technical correction in LDO’s price could follow up with a rebound toward the 100-day EMA if the Ethereum’s plans to become a proof-of-stake chain comes punctually.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,970.00-1.56%
  • ethereumEthereum(ETH)$1,654.60-1.70%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.02%
  • binancecoinBNB(BNB)$328.41-1.56%
  • usd-coinUSD Coin(USDC)$1.000.05%
  • rippleXRP(XRP)$0.399218-0.80%
  • Binance USDBinance USD(BUSD)$1.000.00%
  • cardanoCardano(ADA)$0.394605-1.38%
  • dogecoinDogecoin(DOGE)$0.090754-1.98%
  • matic-networkPolygon(MATIC)$1.291.70%
  • OKBOKB(OKB)$45.35-1.43%
  • SolanaSolana(SOL)$23.26-3.11%
  • Lido Staked EtherLido Staked Ether(STETH)$1,650.69-1.82%
  • polkadotPolkadot(DOT)$6.83-1.82%
  • Shiba InuShiba Inu(SHIB)$0.000014-4.83%
  • litecoinLitecoin(LTC)$99.10-1.87%
  • AvalancheAvalanche(AVAX)$20.20-3.09%
  • tronTRON(TRX)$0.0669871.70%
  • UniswapUniswap(UNI)$6.85-2.30%
  • daiDai(DAI)$1.00-0.05%
  • cosmosCosmos Hub(ATOM)$15.191.18%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,981.00-1.28%
  • chainlinkChainlink(LINK)$7.22-0.15%
  • ToncoinToncoin(TON)$2.30-2.89%
  • ethereum-classicEthereum Classic(ETC)$22.77-1.58%
  • leo-tokenLEO Token(LEO)$3.37-0.36%
  • moneroMonero(XMR)$167.68-0.21%
  • bitcoin-cashBitcoin Cash(BCH)$131.94-2.89%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • AptosAptos(APT)$15.07-6.22%
  • stellarStellar(XLM)$0.091116-1.27%
  • Lido DAOLido DAO(LDO)$2.785.60%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.635.86%
  • ApeCoinApeCoin(APE)$5.77-4.43%
  • CronosCronos(CRO)$0.0843930.71%
  • filecoinFilecoin(FIL)$5.50-1.98%
  • algorandAlgorand(ALGO)$0.2865402.31%
  • QuantQuant(QNT)$140.12-0.65%
  • HederaHedera(HBAR)$0.0747390.97%
  • vechainVeChain(VET)$0.025860-1.40%
  • The GraphThe Graph(GRT)$0.184738-10.73%
  • Internet ComputerInternet Computer(ICP)$5.72-2.42%
  • The SandboxThe Sandbox(SAND)$0.85-4.66%
  • FantomFantom(FTM)$0.53-11.37%
  • Axie InfinityAxie Infinity(AXS)$12.144.38%
  • decentralandDecentraland(MANA)$0.76-4.41%
  • AaveAave(AAVE)$87.14-1.77%
  • eosEOS(EOS)$1.09-2.42%
  • FlowFlow(FLOW)$1.14-4.20%
  • MultiversXMultiversX(EGLD)$46.29-2.84%
  • theta-tokenTheta Network(THETA)$1.15-3.56%
  • tezosTezos(XTZ)$1.23-0.28%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000181-2.26%
  • FraxFrax(FRAX)$1.000.20%
  • Frax ShareFrax Share(FXS)$13.687.19%
  • paxos-standardPax Dollar(USDP)$0.99-0.68%
  • true-usdTrueUSD(TUSD)$1.00-0.04%
  • huobi-tokenHuobi(HT)$5.36-4.42%
  • Curve DAOCurve DAO(CRV)$1.154.26%
  • havvenSynthetix Network(SNX)$2.70-8.84%
  • kucoin-sharesKuCoin(KCS)$8.67-0.95%
  • ChilizChiliz(CHZ)$0.156879-3.86%
  • Rocket PoolRocket Pool(RPL)$43.331.17%
  • bitcoin-cash-svBitcoin SV(BSV)$42.76-1.54%
  • ImmutableXImmutableX(IMX)$1.03-9.50%
  • PancakeSwapPancakeSwap(CAKE)$4.681.99%
  • eCasheCash(XEC)$0.000038-0.83%
  • USDDUSDD(USDD)$0.99-0.14%
  • dashDash(DASH)$64.23-2.46%
  • BitTorrentBitTorrent(BTT)$0.000001-0.95%
  • Mina ProtocolMina Protocol(MINA)$0.84-2.38%
  • makerMaker(MKR)$773.95-4.48%
  • BitDAOBitDAO(BIT)$0.60-0.13%
  • iotaIOTA(MIOTA)$0.247837-1.46%
  • KlaytnKlaytn(KLAY)$0.210593-2.92%
  • GateGate(GT)$4.44-0.36%
  • Trust WalletTrust Wallet(TWT)$1.55-3.75%
  • neoNEO(NEO)$9.12-0.61%
  • OKCOKC(OKT)$33.894.73%
  • OptimismOptimism(OP)$2.80-9.88%
  • ArweaveArweave(AR)$12.00-9.18%
  • singularitynetSingularityNET(AGIX)$0.498316-23.36%
  • OsmosisOsmosis(OSMO)$1.122.24%
  • zcashZcash(ZEC)$45.41-2.64%
  • cUSDCcUSDC(CUSDC)$0.0227410.09%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.02%
  • THORChainTHORChain(RUNE)$1.89-3.47%
  • GMXGMX(GMX)$66.94-6.84%
  • cDAIcDAI(CDAI)$0.0221870.14%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.0000000.94%
  • Tokenize XchangeTokenize Xchange(TKX)$6.79-0.77%
  • RenderRender(RNDR)$1.77-16.48%
  • Fetch.aiFetch.ai(FET)$0.490745-13.43%
  • RadixRadix(XRD)$0.050237-0.34%
  • enjincoinEnjin Coin(ENJ)$0.50-2.97%
  • PAX GoldPAX Gold(PAXG)$1,865.530.25%
  • zilliqaZilliqa(ZIL)$0.030739-1.32%
  • Convex FinanceConvex Finance(CVX)$6.35-5.03%
  • cETHcETH(CETH)$33.23-1.70%