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Lido DAO’s price has not significantly changed in the last 24 hours. The decentralized finance (DeFi) token traded at $1.64 in writing after a slight 0.8% gain in 24 hours.
However, Lido DAO has not been spared from the downtrend across the cryptocurrency sector, as it has a 5.5% drop in seven days and an 18% drop in the last month.
Despite this bearish sentiment, Lido DAO could continue playing a significant role in DeFi.
LDO is among the few tokens trading in the green today. In the last 24 hours, LDO has traded between $1.56 and $1.65, indicating mild volatility.
The buying pressure is weak, which explains the token’s inability to make a bold recovery.
The uncertainty across the broader cryptocurrency space is behind buyer hesitance as the global crypto market cap has dropped by 0.3%.
Weak Buying Pressure Impedes LDO’s Recovery
The LDO monthly chart shows a gradual price decline. The token witnessed volatility earlier this month, with the most significant drop on August 16, when the price dropped to $1.71.
On August 1, LDO traded at $1.80.
Another sharp drop was seen last week. On August 17, LDO was trading at $1.73 before witnessing a massive crash that saw the token drop to $1.52.
The decline at the time coincided with a bearish sentiment across the crypto market.
LDO’s market capitalization has also seen a similar decline since the start of the month.
On August 1, LDO had a market capitalization of $1.6 billion, but it dropped to around $1.44 billion at the time of writing.
LDO Makes Attempt to Rally
LDO is showing signs of an attempt by bulls to take control. The Relative Strength Index (RSI) at 36 shows LDO’s price strength is weak.
However, the uptrend movement of the RSI line shows buyers entering the market, hinting toward a short-term price gain.
If bulls overpower the bears, LDO will rally to the 50-day Simple Moving Average (SMA) of $1.90.
Immense buying pressure could also see the price break past the resistance level indicated by the 100-day SMA at $1.965.
If the bulls fail in their attempt, the price will likely drop to the immediate support at $1.62.
Lido DAO Token Unlocks
Lido DAO is a significant player in the DeFi sector, explaining its recent resilience despite the bearish pressure in the crypto market.
The liquid staking protocol will undergo scheduled token unlocks this week.
Lido DAO will unlock 8.5 million LDO tokens, $14.2 million, on August 26, equating to 0.97% of the total supply.
As the unlocks will increase the token supply, it could lead to LDO’s price declining in the days leading up to the event.
Wall Street Memes Presale Raises Over $25M
The Wall Street Memes presale has raised more than $25 million as investors flock to be among the early participants in the project.
The token is currently trading at a presale price of $0.0337.
The project was inspired by the 2021 GameStop saga that demonstrated the power of retail traders against capitalism.
WSM will be used to sustain the growth of the Wall Street Memes community and reward loyal members.
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