Will the Launch of Lido V2 Cause LDO to Rise in the Next Week?

  • Token Unlocks predicted in a tweet today that LDO’s price will rise in the coming days.
  • The platform noted the recent launch of Lido V2, which introduced several “game-changing” features.
  • At press time, LDO was trading at $1.92 after it printed a 2.96% loss over the past 24 hours.

The token unlocks dashboard and tokenomics insights platform Token Unlocks tweeted earlier today that Lido DAO (LDO) recently launched Lido V2. According to the post, this upgrade includes “game-changing” Features such as a Staking Router and additional Withdrawal Functionalities. The platform predicts that this upgrade will have a major impact on LDO’s price.

The upgrade has not yet had the forecasted impact on the altcoin’s price. However, at press time, CoinMarketCap indicated that LDO was trading at $1.93 after it printed a 24-hour loss of 2.96%. This resulted in the crypto trading closer to its 24-hour low of $1.89, while its daily high stood at $2.

Furthermore, the altcoin had weakened against the 2 market leaders Bitcoin (BTC) and Ethereum (ETH) during this time as well. As a result, LDO was down 1.45% against BTC and 1.19% against ETH.

Daily chart for LDO/USDT (Source: TradingView)
Daily chart for LDO/USDT (Source: TradingView)

From a technical perspective, LDO’s price was trading above the 9-day and 20-day EMA lines at press time. The crypto’s price was also attempting to break above the next major resistance level at $2. Technical indicators suggested that LDO’s price would flip this resistance level into support in the next 24-48 hours.

A significant bullish flag was on the verge of triggering as the 9-day EMA line was looking to cross above the 20-day EMA line. Should these two technical indicators cross, it will signal that LDO’s price has entered into a short-term bullish cycle and will rise in the following few days.

These two EMA lines crossing will also give LDO the support it needs to overcome the $2 mark. In addition to the 9-day and 20-day EMA lines looking to cross, the daily RSI line was in neutral territory, which suggested that there was still room left for LDO’s price to rise before the altcoin could be considered overbought.

On the other hand, if LDO’s price drops below the 9-day and 20-day EMA lines within the next 24-48 hours, it may lose the support level at $1.816. This may result in LDO dropping to the next crucial support level at $1.670 in the following few days.

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.

Comments

Post a Comment

Popular posts from this blog

STX Hits 52-Week High! Ascending Channel Points to Bullish Trajectory

Image
Stacks (STX) soars 8.74% in 24 hours, hitting a 52-week high at $2.06, riding the crypto wave. STX’s rise is attributed to Bitcoin optimism and its role as a layer 2 solution. Technical analysis points to a bullish trend, aiming for $2.6, but watch out for potential corrections at $1.6. Stacks (STX) has continued its upward trajectory, with its price recently reaching a 52-week high of $2.06, marking an 8.74% increase in just 24 hours. This surge is part of a broader trend that has seen the cryptocurrency gain 749% over the past year. Market analysts attribute this impressive performance partly to the growing optimism surrounding the potential approval of a spot Bitcoin ETF, which could further galvanize the cryptocurrency sector. STX/USD 24-hour price chart (source: CoinStats ) During the bull rally, STX’s market capitalization and 24-hour trading volume surged 9.45% and 24.95%, to $2,852,664,529 and $715,025,179, respectively.  Stacks as a Bitc
Read more

XAI tanks by 20% after airdrop and Binance listing

Image
The layer-3 gaming token fell by more than 20% after an airdrop and Binance listing on Jan. 9. According to CoinGecko, the layer-3 gaming token Xai has fallen by more than 22% in 24 hour trading. The current price of the token is $0.5231. X rate fell sharply just a day after reaching an all-time high on Jan. 9, in which the price of the coin was $0.7734. Source: CoinGecko The token price collapse occurred shortly after Xai held its first major gaming token airdrop in 2024. According to the Xai Foundation, it offered 125 million XAI tokens (or 5% of the total token supply) to eligible users, including holders of certain Xai NFTs and those operating gatekeeper nodes or validators that help support the network. Dear Xai Community, As we approach the XAI token claim, it's crucial to stay vigilant against potential scams. Please carefully read and follow these guidelines: Official Contract CLAIM Address: The ONLY legitimate $XAI airdrop claim contract address is… — XAI (@X
Read more

Bitcoin Price Prediction: MicroStrategy Boosts BTC Ownership To 1% Of Supply As This Eco-Friendly Alternative Soars Towards $7 Million

Image
The Bitcoin price gained slightly in the last 24 hours to trade at $63,857.08 as of 9:05 a.m. EST as investors tentatively accumulate the crypto. During BTC’s 12% correction over the past 7 days, MicroStrategy bought another 9,245 bitcoins for $623 million in cash between Mar. 11 and Mar. 18, according to a Mar. 19 statement . Following this latest purchase, the company’s total BTC holdings stand at 214,246 BTC, which is more than 1% of the crypto’s total supply of 21 million coins. The Bitcoin Price Bounces Off Of A Key Support 4-hour chart for BTC/USDT (Source: TradingView ) The Bitcoin price rebounded off of the $61,481.65 support level in the last 12 hours. Should bulls continue to push the market leader’s price higher, it may attempt to reclaim a position above $65,847.29 in the coming 48 hours. A 4-hour candle close higher than this significant price point could then give BTC the foundation needed to keep climbing. In this more bullish scenario, the crypto may try to fli
Read more