After a shaky start to the day, bulls in the Lido DAO market countered the bear trend that had driven the price to a 24-hour low of $2.04. This upbeat mood could be attributed to the Lido Node Operator Community Call #5, which reviewed the project's future strategy and highlighted some anticipated future advancements.
The most recent developments include the status and updates for the Lido V2 testnet, a walkthrough of the withdrawals procedure on Goeril, and an update on the Lido DVT Testnet #2.
As a result of the discussions, #LDO bulls reached a new 7-day high of $2.41 before hitting resistance and retreating to $2.40 as of press time, representing a 14.97% increase from the previous closing.
The market capitalization and 24-hour trading volume increased by 14.92% and 22.00%, respectively, to $2,068,824,746 and $148,903,677, indicating growing investor and trader interest in DAO, which could be attributed to positive news and developments surrounding the project.
On the LDO 4-hour price chart, the MACD line has recently crossed into positive territory, reading 0.039208131 and rising above its signal line. This MACD movement suggests that the bullish momentum is building, and traders should look for buying opportunities.
The histogram's movement in the positive zone over the last few hours confirms this bullish trend, indicating that purchasing pressure is building and the price may continue to rise in the short term, making now an excellent time to start a long position.
The Bull Bear Power indicator moves north and into positive territory with a reading of 0.31032473, indicating that bullish strength dominates the market. This movement implies a higher likelihood of further price appreciation, making it a good time for traders to consider going long on LDO.
With a reading of 65.10, the Relative Strength Index (RSI) movement northward indicates that buying pressure is still present in the market and that the price may rise further. However, traders should exercise caution because the RSI is approaching overbought territory.
Overbought conditions, on the other hand, do not always imply that the price will reverse if the bullish momentum is strong and there is no bearish divergence.
This bullish momentum is reinforced by a Chaikin Money Flow reading of 0.05, indicating that there is still buying pressure in the market and that the price may rise further. If the Chaikin Money Flow reading falls below zero, it may indicate a shift in momentum and a possible price reversal.
Finally, recent developments in #Lido DAO have sparked a bullish trend, providing traders with potential buying opportunities.
This news is republished from https://coinaquarium.io/
