LDO’s price is up 5% today. Pantera Capital, one of the bigger investment firms in crypto, bought the token during its recent price drop.
The firm withdrew $12.9 million worth of LDO tokens from Coinbase Prime, with an average purchase price of $1.80 per token. The acquisition was made in two separate transactions, with the funds being split between two different wallets.
This move by Pantera Capital is drawing attention in the crypto community, as such large acquisitions often suggest that big players are positioning themselves for potential price movements.
What you'll learn 👉
Lido DAO’s Price Movement Within a Bullish Channel
LDO has seen fluctuations in price lately, with key resistance and support levels emerging. Looking at the chart, LDO’s price moves between two upward-sloping lines that form a bullish channel. The bottom line acts as support near $1.76, while the top line shows resistance between $1.90 and $2.00.
At writing, Lido DAO trades at $1.77, close to the lower part of this channel. The price appears to be consolidating near this support level, with the potential for a breakout if it moves past the resistance. If LDO’s price can maintain momentum above this channel’s upper boundary, further upward movement is possible, potentially reaching higher levels around $2.40 or more.
MACD Indicator Suggests Potential for Price Action
The MACD indicator below the chart shows the upward momentum is slowing down. Since the MACD line sits below the signal line, we might see Lido DAO’s price pullback or sideways movement soon.
The positive histogram suggests bulls still have control, but the weakening momentum points to a possible short-term dip before any upward breakout. Keep an eye on the MACD for any signs of momentum picking up or reversing.
Read Also: Crypto Veteran Warns Cardano Holders: Whales Massively Offloading ADA!
What’s Next for Lido DAO Price?
With the ongoing whale activity and technical indicators pointing toward potential upward movement, Lido DAO’s future appears promising. However, the market’s behavior around the key support zone of $1.76 and the resistance near $2.00 will be crucial in determining the token’s next steps.
With big investors like Pantera buying more LDO tokens, Lido DAO’s price could jump soon. Keep an eye on whether it breaks through resistance levels or stays in its current range as the price moves through these key points.
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