The cryptocurrency market has witnessed big price movements at the start of this week, with Lido DAO (LDO) and Pyth Network (PYTH) experiencing double digit surges.
Both token price surges have been driven by various factors, including updates to the reGOOSE vision, Ethereum’s performance, and the launch of new price feeds.
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Lido DAO (LDO) Price Soars on Updated reGOOSE Vision and Ethereum’s Surge
Lido DAO (LDO) has seen an impressive 30.48% increase in the last 24 hours, with its price reaching $2.30. The token’s price performance has ranged from a low of $1.69 to a high of $2.30 during this period. According to Layergg, one key reason for the surge is the proposed updated reGOOSE vision, which will be discussed in the Lido DAO forum in the coming days.
Additionally, the surge in Ethereum’s price has also contributed to LDO’s upward momentum. Analyst World Of Charts noted that LDO is moving exactly as expected, currently running at a nearly 25% profit.
Thor Hartvigsen conducted an analysis of the ETH beta in the top 100 cryptocurrencies by market cap, sorted by float. The best performers included LDO, ENA, PEPE, UNI, and ARB. Among these, LDO, PEPE, and UNI have high floats with few upcoming unlocks, indicating strong potential for future price appreciation.
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The Data Nerd reported that a smart money address, 0x60e, deposited 2.38M LDO tokens (worth approximately $5.36M) to Coinbase few hours ago. During the last two weeks, this address accumulated LDO tokens at an average entry price of $1.85. If sold at the current price, the investor stands to earn $963,000.
Pyth Network (PYTH) Gains Momentum with lisUSD/USD Price Feed Launch
The Pyth Network (PYTH) has experienced a 25.99% increase in the last 24 hours, with its price reaching $0.4904. The token’s price performance has ranged from a low of $0.3864 to a high of $0.5022 during this period.
The primary driver behind PYTH’s price surge is the launch of its new lisUSD/USD price feed, which is specifically designed for lisUSD, a decentralized and unbiased stablecoin. This price feed is now accessible on more than 55 blockchains, significantly expanding the Pyth Network’s reach and utility across the blockchain ecosystem.
Analyst iWantcoinnews believes that the bottom for PYTH is likely, as a pinbar signal indicates a reversal within a bullish weekly orderblock. The price seems to be shifting structure and breaking the MA trend, suggesting a potential upward movement.
Kelvin, another analyst, noted that PYTH is at a major resistance level on the daily timeframe. While there is little room for a short-term pump according to the SRSI, any pullback is expected to be short-lived, as the weekly timeframe looks promising for PYTH.
With updates to the reGOOSE vision, Ethereum’s strong performance, and the launch of innovative price feeds, these tokens are well-positioned for further growth.
Read more: Why is the Crypto Market Up?
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