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Cryptocurrency News Articles
Lido (LDO) Primed for a Multi-Month Rally Despite Ongoing Bearish Momentum, Analyst Says
Sep 16, 2024 at 06:00 pm
A recent analysis by CryptoBullet on X suggests that LDO may be gearing up for a multi-month rally.
Lido (LDO) has been struggling this year, evident in its 35% year-to-date decline. This bearish trend has continued in shorter time frames, with LDO dropping by 3.3% in the last 24 hours, falling below the key psychological level of $1.
Currently, LDO is trading at $0.9919, marking a significant drop from its 24-hour high of $1.03. Despite this ongoing bearish performance, some analysts believe a potential turnaround is on the horizon.
Analysis predicts bullish turnaround for Lido (LDO)
A recent analysis by CryptoBullet on X suggests that LDO may be gearing up for a multi-month rally. According to the analysis, LDO’s weekly chart presents a “beautiful Leading Diagonal” pattern, indicating that this might be an opportune moment to buy the asset.
“I like this chart. Beautiful Leading Diagonal. If you wanted to buy LDO this is the sweet spot to do it imo. i’m expecting a multi-month rally”
The analyst set forth three targets for the potential rally – $8.8, $16.6 (the main target), and $36.9 if the bullish momentum intensifies. While this outlook appears promising, it is worth examining LDO’s fundamental metrics to assess the likelihood of such a rally.
Examining retail interest, LDO’s active addresses have been on a downturn since peaking at over 7,500 in April. The latest figures show that this metric now sits at 4,211, representing nearly a 5% drop from the 5,000 active addresses recorded last month.
This decline in active addresses suggests waning retail interest in LDO, which could have implications for its price action. Typically, a decrease in active addresses indicates reduced network activity, potentially signaling a lack of engagement or confidence among retail investors.
This drop may exert additional downward pressure on LDO’s price in the short term, making it challenging for the asset to break out of its current bearish trend. However, if the predicted rally materializes and market sentiment shifts, an increase in active addresses could follow, indicating renewed investor interest.
Examining open interest provides a broader view of market participants’ positions in LDO. Data from Coinglass reveals that LDO’s open interest has declined by 3.95% to a current valuation of $49.95 million.
However, the asset’s open interest volume has seen a significant rise, jumping by 68.91% to $63.21 million.
This divergence in open interest metrics suggests that while the total value of active contracts has decreased, the number of contracts being traded surged. This scenario could indicate heightened speculative activity, where traders are increasing their positions in anticipation of a potential price movement.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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