The cryptocurrency industry remains volatile and unpredictable in January 2023. Meanwhile, the broader cap declined by 0.3% over 24 hours. While most digital coins hesitate, some assets witness exponential upswings.
Lido Dao’s LDO is among the alts that recorded notable value upticks over the previous seven days. LDO surged a staggering 62.83% in the week. While publishing this news, the alt changed hands near $1.99, reflecting a 1.31% surge within the past day.
Lido DAO is a staking network where individuals can stake ETH coins seamlessly. Also, the platform offers DeFi lending solutions and does not have a minimum deposit. Considering the protocol’s flexibility and multiple financial services, this increase affirms surged user adoption for different purposes.
Lido DAO has maintained stunning performance since New Year, despite uncertainties in the crypto world. Some factors contribute to this latest resurgence and may determine how long the upside pressure will last.
Why is LDO Soaring?
Some parameters triggered Lido DAO’s price surge. For example, a crypto fan tweeted that the alternative token gained around 60% over the last seven days. He attributed the impressive move to ETH’s impending Shanghai fork. Meanwhile, this upgrade will allow individuals to cash out their staked Ethereum tokens.
Moreover, BitForex exchange listed LDO. The listing has amplified the project’s scope. Further, it catalyzed the latest price upticks in the altcoin. Nonetheless, John Cook (a Twitter user) expressed negativity about LDO’s renewed price strength.
Cook referred to Lido DAO’s 7-day surge as a pump & dump action. He added that the project ripped off retail market players while spending on marketing costs more than engineering. Though his allegations, the alternative coin remained among the leading gainers in the last seven days. The project boasts $6.9 billion in locked value.
Can Bulls Sustain the Upside?
LDO explores upward actions on its charts, printing simultaneous green candlesticks. The support zones stand at $1.665, $1.756, and $1.850. meanwhile, resistances locate at $2.03 and $2.13. LDO will meet another hurdle at $2.22.
LDO changes hands beyond its 50d and 200d SMAs. The two indicators suggest a prevailing buy signal. Thus, the asset exhibits a bullish stance in the near- and longer term. In addition, the RSI (Relative Strength Index) shows a buy sign.
With the overbought territory beyond 70 and the oversold area beneath 30, the token’s RSI reads 82.22. Meanwhile, traders may execute long positions. The MACD displays divergence well beyond its signal line. Also, it signals a buy, though it may be for the near term.
The alt may continue its surges as more individuals join the project. Meanwhile, investors should beware that small-cap assets are more volatile than leading cryptos like BTC. Thus, caution remains paramount when interacting with LDO.