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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Lido (LDO) Price Spikes Over 10% In 24 H, Making It Most Profitable Alt

Kent Tenix
Kent Tenix
1 year ago
2 mins read
DAO

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The broader crypto market showed an impressive price rally mid-day, August 31. Cryptos such as Bitcoin and Ethereum have increased by 0.87% and 2.58%. BTC’s price is $20,319.03, while ETH has regained a hold on $1589.74. The top coins are now trading in the greens. 

But the morning hours of August 31 didn’t sit well with the assets. Many cryptos lost their 24-hour price gain, including BTC and ETH. Bitcoin lost its hold on the $20K mark, while Ethereum followed with a 0.4% loss.

Related Reading: Bitcoin Trades Above $20,000, Has The Fed Failed Again?

Others, such as DOT, DOGE, SOL, and SHIB, lost 2.05%, 2.08%, 1.47%, and 2.21%. But the higher losers were AVAX and SNX, which dropped by 3.34% and 7.5%.  

The Tides Have Turned For DAO 

Lido DAO coins have spiked by over 11% in the past 24 hours. According to analysts, this price gain has made it the top profitable crypto asset. LDO gained support and climbed above its critical resistance level. Also, the Relative Strength Index for LDO on the chart shows that it entered the neutral zone.

These indicators show an imminent acceleration and price increase. Right now, LDO is fluctuating between $1.98 and $2. Also, its trading volume has spiked considerably. By that, there’s a high possibility of a continuing price rally. 

One of the possible reasons for the push on LIDO price is the upcoming Merge. While many analysts already hint that the upgrade has been Priced In for Ethereum, the case might be different for Lido DAO. 

The decentralized organization is among the top holders of Ethereum 2.0 staking contracts. So, as the network upgrades and becomes more scalable, the effect will resound on Lido. 

The organization will become a top shareholder of Ethereum after the upgrade. This means it will have adequate voting power to participate in network activities. That’s why more people are buying into this opportunity by purchasing LDO tokens ahead of time. 

LDOUSD
LDO price is currently trading at $1.97. | Source: LDOUSD price chart from TradingView.com

LDO Journey in August 2022

One reason to celebrate the upward momentum in LDO is the poor performance that characterized its August price journey. After shocking its community with a 340% rally in mid-August, the token started a downward trend. 

Related Reading: TA- Near Protocol Struggles With Resistance, Can Bulls Push Price To $6?

The LDO price jump was linked to the Ethereum Merge event. As a major shareholder in Ethereum 2.0, the upgrade favored the decentralized organization. But the token couldn’t sustain the spike and continued losing until it fell below its 50-day moving average on August 26.

At that point, investors lost hope of a reversal until this latest price gain. Currently, the 24-hour gain has attracted more attention toward LDO. The community expects to see more spike in value as the Merge date approach. 

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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