Anticipating the trajectory of LDO, as retail investors encounter profit-seeking whales in the marketplace

Anticipating the trajectory of LDO, as retail investors encounter profit-seeking whales in the marketplace

In the world of cryptocurrency, Lido Finance [LDO] has been making waves recently, with a significant surge in its price and staking activity.

Vitalik Buterin, co-founder of Ethereum, recently addressed criticism about the ETH unstaking queue, which might have contributed to the renewed interest in LDO.

At press time, Lido Dao showed a Netflow of -$1.15 million, with an outflow of $26.53 million compared to $25.38 million in inflows. However, this outflow seems to be overshadowed by the strong buying pressure, as evidenced by the spot market recording a positive delta for three consecutive days.

According to TradingView, the altcoin's Stochastic RSI surged to 72 after making a bullish crossover, reflecting strong upward momentum. This surge and buying pressure may indicate the start of a sustained recovery for LDO.

LDO surged 13.11%, reaching a three-week high of $1.35. This surge was accompanied by a significant increase in volume, with LDO's volume surging 105% to $152 million.

Whales, who had initially been accumulating LDO, turned to profit-taking after LDO hit $1.30, creating selling pressure. However, retail investors aggressively accumulated LDO, as evidenced by a positive Buy Sell Delta of 960k.

LDO's staked assets increased from $37.5 billion to $38.842 billion within two weeks. Over the past day, the staked asset surged 1.8% and revenue increased by 7.7% to $9 million. Fees for LDO staking activities jumped by 7% to $89 million.

If the momentum fades and profit-taking from whales overwhelms the market, LDO will find support at $1.149. However, if bulls hold, LDO will attempt to reclaim the $1.4 resistance. To keep this bullish outlook, LDO needs a daily close above $1.33.

It's worth noting that Avalanche powers South Korea's first Won-backed stablecoin, adding to the positive sentiment around the cryptocurrency market.

In conclusion, Lido Finance [LDO] is experiencing a significant surge amidst strong buying pressure and renewed staking activity. While profit-taking from whales has created some selling pressure, retail investors have been aggressively accumulating LDO, indicating a potential for continued recovery. However, a daily close above $1.33 is necessary to maintain the bullish outlook for LDO.

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