Lido DAO (LDO) Bulls Aim to Reclaim $4 Level as Whales Accumulate

Lido DAO (LDO) experienced a sharp increase after its breakout from a recent long-term descending channel caught both whales’ and traders’ eye.

Cryptocurrency price analysis shows that Lido DAO (CRYPTO: LDO) experienced a sharp increase after its breakout from a recent long-term descending channel caught both whales’ and traders’ eyes.

The crypto market displayed rising bullish force through increased open interest and trades, which drove investor predictions around hitting the $4 benchmark soon.

Bullish Breakout for Lido DAO (LDO) from Descending Channel

Between March and November 2024, LDO established its price using a descending channel, defined through sequentially lower highs and lower lows.

LDO escaped its bearish pattern when it crossed the descending channel’s upper trendline in late November.

Breakouts above current supports serve as crucial signals for cryptocurrency market turnarounds from bear market conditions.

At press time, LDO traded at $2.08 with 24-hour gains of 19.01% and a weekly increase of 3.26%, reaching a market capitalization of $1.85 billion.

The breakout occurred alongside rising trading volume, which showed investors taking new interest. The trading benchmark at $2.63 acted as a significant obstacle in LDO stock movement.

If LDO achieved a solid close beyond this threshold, it would move towards testing the new price target of $4.

Whale Activity Fuels Momentum

LDO recently saw a market boost when “0x373” exercised a large asset purchase.

Spot On Chain data showed that this whale converted 664.5 ETH, which equaled $2.38 million, for ownership of 1.167 million LDO at $2.036 per unit.

The whale owned additional high-value digital currency holdings, which included 2.987 trillion PEPE tokens, valued at $46.4 million, and 10.24 million ENA tokens, holding an $9.12 million value.

This whale made this sizeable investment because they believed in LDO’s potential since they continued acquiring LDO by trading other assets.

Recent Market Data Shows Strengthening Bullish Trends

Coinglass data showed that trading volume increased 46.86% to $504.15 million, while open interest grew by 33.28%, reaching $156.09 million.

Recent liquidation statistics illustrated a strong bullish trend because traders liquidated their positions for a total value of $379.91K, with short positions accounting for the major part of these liquidations.

The liquidations from short positions reached $336.1K, with OKX ($153.97K) and Binance ($132.14K) topping lists, while strong long liquidations did not exceed $43.81K.

Augmenting price predictions by traders triggered large-scale short position liquidations.

LDO Key Levels to Watch

LDO advances toward the pivotal resistance zone at $2.63, which marks essential support for ongoing bullish behavior.

Traders should anticipate LDO to hit a major psychological resistance point at $4.00 behind a strong volume breach of this level.

The trajectory of LDO will depend significantly on market reactions and whale activity, and traders need to follow these elements closely during the upcoming days.