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- 1 LDO crypto broke out of an interesting channel pattern, marking the end to its correction phase.
- 2 The breakout was supported by a massive 40% rise in intraday volume.
- 3 The social sentiments have surged to a three month high indicating optimism.
Lido DAO crypto gained traction and broke out, marking the end of a correction phase. The daily chart also revealed a breakout from an interesting channel pattern.
Moreover, the breakout has been backed by a significant jump in the volume inflow and social sentiments indicating an increased demand which may push the price higher. At the time of writing, LDO was exchanging hands at close to $2.36 post an intraday rise of 8.3%.
Lido DAO Crypto: Social Sentiments and Volume Explodes!
Lido DAO crypto has made a bullish reversal, rising 8.3% intraday. The crypto broke out of a declining parallel channel pattern, thus shifting the trend into positive territory.
As per the data obtained by a financial website app.santiment.net, there has been a notable increment in social metrics. the social dominance and social volume has surged to a three month high indicating an increased participation of the social media users and the community members.
Moreover, the breakout is supported by a massive rise in the volume inflow. The volume inflow has surged by 40% reaching $327.9 Million per day. The volume to market cap ration was 15.31% indicating an increased volatility.
Analysts Anticipate a 50% Growth Ahead?
The daily chart witnesses a breakout of a descending parallel channel pattern. The rise in volume inflow indicates an increased demand for the crypto adding confirmation to a breakout scenario.
From a technical point of view, the crypto broke out of a 200-day exponential moving average, signaling a bullish reversal. On the higher side, if the bulls surpass the recent supply of $2.60, the price could conquer the next $3.6 level supply, marking a potential rise of nearly 50%.
At the time of writing, the RSI line was placed at 56.84 points and the 14 day SMA line was at 45.25 points. Moreover, a bullish crossover of both the lines was observed, adding confirmation to a continued bullish trend.
Conclusion
Lido DAO crypto has experienced a significant breakout, marking an end to a correction phase. Social metrics from app.santiment.net reveal a three-month high in social dominance and volume, indicating heightened community engagement. Moreover, A 40% increase in daily volume inflow to $327.9 Million and a volume to market cap ratio of 15.31% suggest high volatility.
From a price point of view, the asset has broken out of a descending channel pattern and surpassed the 200-day EMA. Now, if it surpasses the $2.60 resistance, then a potential 50% rise in the price may be observed. The RSI and SMA lines’ bullish crossover supports the uptrend.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
