LDO leads Top Coins With A 6% Gain in One Day

Updated: 06 June 2024

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The recent surge in Lido DAO (LDO) price demonstrates the unwavering determination of the bulls, as they strive to propel it towards the significant $2.5 mark. Today, on June 7, LDO emerged as one of the top-gaining coins in the crypto market, experiencing an impressive price surge of over 6% in the past 24 hours.

This ascent places LDO close to the token PEPE, which has seen remarkable growth of over 12% during the same period. These positive developments coincide with a broader increase in the crypto market cap, further fueling the optimism surrounding LDO’s upward trajectory.

The LDO Token Price Rises as Market Sentiment Improves

LDO, a prominent stock, showcased its resilience and potential as it climbed the ranks among the market’s top performers. Among the daily gainers, LDO secured an impressive 6th position, capturing the attention of investors and traders alike. However, it was in the realm of weekly gains that LDO truly excelled, claiming the second spot with a remarkable 13.48% surge in price over the past seven days.

With its price fluctuating between a high of $2.45 and a low of $2.22, LDO is now fixated on conquering the elusive $2.5 price level. The bulls are in firm control, and if their dominance continues, LDO appears poised to attain this milestone and further captivate the market with its upward trajectory.

Lido DAO has been experiencing remarkable price performances, as indicated by CoinMarketCap data. Over the past 30 days, the token price has surged by an impressive 36%. This upward trend continued over the last 14 days with a growth of 20.2%, and in the past seven days, the price increased by 13.48%.

These positive price movements reflect the overall bullish sentiment in the crypto market, driven by investor anticipation of the May CPI data released by the US Bureau of Labor Statistics on June 13. In April, the inflation rate decreased to 4.95%, lower than the 5.0% recorded in March and the forecasted 5.0% by economists. This decrease suggests that the Federal Reserve’s inflation-curbing strategy is proving effective.

Additionally, the Federal Reserve’s decision to pause interest rate hikes amidst the ongoing recession and challenging macroeconomic conditions has contributed to the surge in crypto prices, with Bitcoin surpassing $28,000. The optimism among investors remains high, even as they eagerly await the release of the upcoming CPI data.

The crypto market cap was up by 2.86% at press time, while the total market volume was up by 12.13%.

LDO Price Rises Due to Increased Network Activities

The crypto market’s surge in volume has had a noticeable impact on LDO’s trading volume, as it has risen by more than 37% within the past 24 hours. However, there is more to the story.

Stelareum data reveals that LDO’s total value locked (TVL) has experienced a 4.59% increase, despite a 5.09% decline recorded on June 6. Lido Analytics further indicates that LIDO TVL spiked by 7.24% from May 29 to June 5, reaching a weekly high of $13.54 billion.

These figures reflect the growing interest in LDO and suggest a rise in trading activities on the protocol, potentially driving up the price of LDO tokens. Additionally, as of June 5, LDO staking on Ethereum led the way with a net deposit of 264.99K ETH, closely followed by an unknown contract with 215.68K ETH deposits, further demonstrating the increased activity surrounding LDO.

As LDO’s price surges, technical analysis on TradingView indicates a strong buy signal. The token has surpassed all Exponential and Simple Moving Averages, reflecting its upward momentum. However, it still lingers below the critical threshold of the Hull Moving Average at 2.360.

If LDO manages to conquer this level, it will likely surpass the $2.5 mark, potentially extending its impressive climb. Investors eagerly await the token’s next move as it approaches this significant resistance level.

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