Lido DAO

Date: Mon, Nov 11, 2024, 10:21 AM GMTThe crypto market is off to a roaring start this week, maintaining the bullish momentum ignited by Donald Trump&#39;s election victory on Nov 5. Since then, Bitcoin (BTC) has been hitting new all-time highs almost daily, with the latest peak at a stunning $82,371. This rally has fueled gains across major crypto assets and even driven up prices in <a href="https://coinsprobe.com/aptos-apt-and-celestia-tia-on-the-brink-of-key-breakouts-what-to-expect-next/" rel="noopener noreferrer nofollow">altcoins</a>.Meanwhile, Lido DAO (LDO) has experienced a significant decline, dropping over 7% in the past 24 hours. This comes after an impressive rally of 30% over the last week, with LDO currently trading at $1.26<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b1f9df902d614124bae4d6a20f22c786.png" />Source: Coinmarketcap<h3 id="50m-sell-off">$50M Sell-off</h3>One of the primary factor behind LDO’s recent pullback is a massive sell-off by three of the original Lido DAO members. As reported by <a href="https://x.com/spotonchain/status/1855896152899735941" rel="noopener noreferrer nofollow">Spotonchain</a>, these members collectively sold nearly $50 million worth of LDO, putting downward pressure on the price. Here’s a breakdown of the sell-off:<ol><li>Paradigm deposited 36.51M LDO ($47.7M) to Coinbase Prime, reducing their holding to 33.49M LDO ($41.9M).</li><li>Delphi Digital transferred 859,703 LDO ($1.13M) to Wintermute Trading four days ago.</li><li>KR1 plc moved 600K LDO ($749K) to Kraken, currently holding 11.3M LDO ($14.25M).</li></ol><img src="https://academy-public.coinmarketcap.com/optimized-uploads/c62bdbe472fe45c18d3e7f2fb4b9b6a7.jpeg" />Source: &#64;Spotonchain (X)This large sell-off during last week&#39;s rally led to increased selling pressure, contributing to the recent price decline.<h3 id="is-recovery-ahead">Is Recovery Ahead?</h3>Despite the drop, LDO’s technical setup suggests that a recovery could be on the horizon. After <a href="https://coinsprobe.com/top-dao-tokens-aave-and-ldo-surging-higher-following-key-breakouts-whats-ahead/" rel="noopener noreferrer nofollow">breaking out</a> above the key psychological level of $1.00, LDO surged to a high of $1.49, encountering resistance at this level. The subsequent rejection brought LDO back down to $1.27, with the price now hovering above a minor support level at $1.22.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7904b917ac2b4f80b61634bdaa3e6b92.png" />If LDO continues to hold above this $1.22 support, it may signal buyer interest and a potential for a quick recovery. The price action suggests that LDO could attempt to retest the $1.49 resistance level in the short term. A breakout above $1.49 would indicate renewed bullish momentum, potentially pushing LDO toward the $1.80-$2.00 range, where the next significant resistance levels lie.<h3 id="key-technical-levels">Key Technical Levels</h3><ol><li>Support at $1.22: This level has acted as a buffer for the recent decline. Holding above this level may provide a foundation for a potential bounce.</li><li>Resistance at $1.49: A key resistance level that previously capped the rally. A break above $1.49 could set LDO up for further gains.</li><li>Upside Target Range ($1.80 - $2.00): If LDO breaks above $1.49 with strong volume, the next resistance levels are around $1.80 and $2.00, which would mark a substantial recovery.</li></ol><h3 id="conclusion">Conclusion</h3>While the recent $50M sell-off caused a temporary setback, LDO’s price action indicates that a recovery may be in store. As long as it maintains support above $1.22, the potential for a rally toward $1.49 and possibly higher remains intact. However, a break below $1.22 could signal further downside.Investors should keep an eye on the $1.49 resistance level and look for volume increases to confirm any breakout. With BTC leading a market-wide rally, LDO might still benefit from bullish sentiment across the crypto space.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/top-solana-memecoins-wif-and-bonk-surges-following-key-breakouts-what-to-expect-ahead/" rel="noopener noreferrer nofollow">Top Solana Memecoins WIF and BONK Surges Following Key Breakouts: What To Expect Ahead?</a>

Lido DAO (LDO) Sees Significant Decline After $50M Sell-off: Is A Recovery Ahead?

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