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Today’s Biggest Gainer: Lido Finance Social Dominance Spikes 5000% While LDO Rose 40%

Last Updated June 19, 2024 3:01 PM
Nikola Lazic
Last Updated June 19, 2024 3:01 PM

Key Takeaways

  • The cryptocurrency market rebounded after the resolution of the Ethereum SEC case.
  • Lido Dao led gains, surging 40% in 24 hours.
  • LDO price may exceed the May high, with the aim of reaching January levels.

After starting the week with bearish trends, the cryptocurrency market experienced a significant bullish reversal, largely influenced by the resolution of the Ethereum case with the Securities and Exchange Commission (SEC). 

This positive outcome has echoed across Ethereum-based tokens, with Lido Dao notably leading the surge. Within just 24 hours, Lido Dao added over 40% to its value from yesterday’s low, marking it as the day’s top performer among the top 100 cryptocurrencies.

Lido Finance Breaks Record In Social Dominance 

Social dominance, reflecting an asset’s share of online mentions among the top 100 cryptocurrencies, spiked for Lido (LDO) following the SEC’s conclusion of its Ethereum security inquiry.

New all-time high
Lido Finance Social Dominance | Source: Santiment

This clarification boosted LDO, resulting in a 16% price increase to $2.35 within 24 hours. The news also energized Lido’s derivatives market, where trading volume and open interest surged by 37% and 35%, respectively.

However, the most notable rise in Lido Finance was social dominance, jumping from a low of 0.017% to a high of 0.47%. It surpassed its peak of 0.40% in January, setting a new all-time high.  

LIDO Price Analysis 

After reaching a yearly high on January 10, the price of LDO began to decline, fully retracing to $1.50 by May 15. This price level matched where its last uptrend started in September of the previous year, wiping out all gains from the previous rally.

LDO
LDOUSD | Credit: Nikola Lazic/Tradingview

 

Following this, LDO broke below its ascending support line but saw a significant rise, surging 78% to $2.70 by May 26, propelled by strong parabolic momentum. This peak met its descending trendline from the January high, indicating a pivotal moment.

After this peak, LDO’s price dipped again, but by June 11, it formed its first higher low since January at $1.77, suggesting the possibility of a new uptrend. The price continued to climb, increasing nearly 32% to reach $2.34 by June 19, approaching its descending resistance again.

A breakthrough of this descending trendline to the upside would confirm the start of a bullish phase. Should this occur, LDO will likely surpass its May 26 high, potentially reaching above $3 and aiming to revisit its January peak of $4 later in the year.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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