A wider cryptocurrency market saw an impressive price rise mid-day on August 31, Bitcoin and Ethereum, respectively, have seen their prices rise by 0.87% & 2.58%. BTC’s price is $20,319.03, while ETH has regained a hold on $1589.74. Top coins now trade in greens.
But the morning hours of August 31 didn’t sit well with the assets. BTC, ETH and many other cryptos experienced a loss in their 24-hour price gains. Bitcoin fell to $20K, Ethereum lost 0.4%.
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Other companies, including DOT, DOGE and SOL, suffered losses of 2.05% and 2.08% respectively, 1.47% and 2.21%. AVAX and SNX were the biggest losers, dropping by 3.34% & 7.5% respectively.
The tides have turned for DAO
Over 11% has been seen in Lido DAO coin prices over the last 24 hours. Analysts claim that the price rise has made it the most profitable crypto asset. LDO received support, and it climbed past its critical resistance. The chart also shows LDO’s Relative Strength Index.
These indicators indicate an impending acceleration and price rise. LDO fluctuates currently between $1.98 – $2. The trading volume of LDO has also increased dramatically. By that, there’s a high possibility of a continuing price rally.
Merge, which is expected to take place in the near future, could be one reason for LIDO’s price push. Although many experts already believe that Ethereum’s upgrade is priced in, this might not be true for Lido DAO.
It is the most prominent holder of Ethereum 2.0 stake contracts. As the network grows and becomes more scalable the effects will be felt on Lido.
Following the upgrade, the organization will become an important shareholder in Ethereum. It will be able to vote in all network activities, and it will become a top shareholder of Ethereum. That’s why more people are buying into this opportunity by purchasing LDO tokens ahead of time.
LDO Travel in August 2022
LDO’s upward momentum is to be celebrated, despite the disappointing August performance. The token began a downtrend after shocking the community by a 3420% rise in August.
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LDO prices rose due to the Ethereum Merge. The upgrade was favored by Ethereum 2.0 because it was a large shareholder. But the token couldn’t sustain the spike and continued losing until it fell below its 50-day moving average on August 26.
Investors gave up hope that the market would turn around until this price rise. LDO is currently receiving more attention due to the 24-hour increase. As the Merge date approaches, LDO will see a greater spike in value.
Featured image by Pixabay, chart from TradingView.com