lido dao (LDO) Price Reaches New Highs in Extended Rally
The crypto market is bleeding as top digital currencies including Bitcoin (BTC) and Ethereum (ETH) are trading in the red today. However, Lido DAO (LDO), a DeFi token, attracted attention with its extraordinary price increase. The crypto gained over 15% in the trading session on Saturday, January 6, 2024, reaching a new 52-week high of $3.61.
Whale Trades RNDR for LDO
According to a post by Spot On Chain on X, a whale trader identified as 0xfc9 made a significant portfolio switch at Coinbase in the early hours of Saturday. Trader replaced Render (RNDR) with Lido DAO (LDO).
Whale first deposited 750,000 RNDR, worth about $3.01 million at the time, and withdrew 450,000 LDO tokens, worth about $1.5 million. These transactions took place amidst severe fluctuations in the market.
The RNDR price then fell 11% in the last 24 hours. LDO price increased by 13% in the same period. The trader traded seven other tokens, including Fetch.ai (FET) and aave (Aave), making a total profit of $8.95 million.
Also Read: Crypto Prices Today: Bitcoin Price Nears $44K, Lido DAO (LDO) Rises 14%, pepe Coin Drops
Lido DAO Price Today
Lido DAO price growth has slowed after reaching a 52-week high of $3.61. At the time of writing, LDO price was up 6.28% and the crypto was trading at $3.24. This marks a decline of over 10% from its recent high.
The market value of the digital asset increased by 6.18% to $2.88 billion at the time of writing. Additionally, the rise in LDO prices was supported by a strong increase in demand. 24-hour trading volume increased by 37.76% to $280.28 million.
Additionally, LDO achieved an impressive 1-month return of over 38%. Additionally, its value has increased by over 153% in the last 12 months. However, despite the recent bullish result, the coin is still trading 70.77% below its all-time high of $11.
According to TradingView analytics, LDO price is trading well above the 10-day and 50-day EMAs at 3,012 and 2,504 respectively. It represents the bullish sentiment that supports the ongoing rise. The RSI value is neutral at 63.
Also Read: Bitcoin ETF: Crypto Community Bounces Back As Better Markets Defy Confirmations
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