LDO, the native token of Lido DAO, has captured the attention of cryptocurrency enthusiasts after a strong rally over the past 24 hours. However, the token is currently testing a key resistance level at $2.10, a level historically associated with selling pressure and price declines.
$7.18 million of LDO flows into the exchange.
As LDO prices surged, on-chain data from CoinGlass showed $7.18 million worth of LDO tokens flowing into exchanges, suggesting long-term holders or whales may be preparing to sell.
The inflow of funds into the exchange suggests that long-term holders or whales have moved their holdings to the exchange for potential selling. However, this could lead to selling pressure and further price declines.
A look at these dumps over the past 24 hours suggests that history may be repeating itself.
Lido DAO (LDO) Technical Analysis and Key Levels
According to expert technical analysis, LDO appears bullish, but is currently at an important resistance level of $2.10. According to LDO’s daily chart, the price has reached this level more than once, with the price falling more than 28% each time, from $2.08 to $1.47.
However, this time, due to past history, investors started dumping their holdings and speculation began that LDO could fall 28% again and reach the $1.47 level.
Conversely, if the current sentiment for LDO continues and the price breaks the resistance line and closes the daily candle above $2.10, it is likely to surge 65% and reach the $3.50 level. However, such rallies can easily occur in the cryptocurrency market.
LDO is currently trading near $2 and has experienced a price surge of over 15.50% in the last 24 hours. However, during the same period, trading volume surged by 78%, increasing the participation of traders and investors compared to the previous day.