Cryptocurrency experts talked about the reasons for the growth in the value of the decentralized protocol (DeFi) token Lido DAO (LDO) by 178% at the peak over the past 7 days. They also talked about what to expect next.
Analysts emphasized that at the peak of the Lido, the DAO value rose almost 3 times from the value of 7 days ago. According to them, the reason for such a strong interest in the virtual asset was the news about the upcoming integration and merger with the Ethereum network. At the same time, he noted that, according to technical analysis, the bullish rally is not over yet.
The experts assured that the Lido DAO (LDO) cryptocurrency confidently entered the list of the top 100 cryptocurrencies, where it took 79th place in capitalization. The LDO token was trading at $1.55 as of 17:66 Moscow time on July 18, 2022. Today, at the local maximum, the asset’s value reached $1.84.
The market capitalization of LDO was $485.18 million, and the trading volumes over the past day were $160.79 million. According to the data, the latter indicator increased by almost a third over the past day.
According to experts, the LDO/USDT daily chart shows how the LDO dropped from its post-launch all-time high (ATH) to its bottom at $0.41. Since then, the moving average (MACD) has crossed the MACD signal line, forming a bullish flag, which was an early sign of the price.
According to analysts, breaking news and bullish indicators signaled that the LDO rally is not over yet. In their opinion, the crossing of the 20 EMA line above the 50 EMA line indicates that the growth of the LDO rate will not stop short.