- Lido DAO (LDO) has gained nearly 24% in the past week, driven by Bitcoin’s recent all-time high surge.
- Paradigm Capital has moved 70 million LDO tokens, signaling potential institutional interest.
- Lido DAO is testing key resistance levels and could see further gains, with analysts eyeing a potential price target of $3.
Lido DAO (LDO) is on the brink of a significant upward move after breaking through a crucial resistance level. The past week has seen LDO surge by nearly 24%, fueled by Bitcoin’s recent surge toward new all-time highs. This impressive performance marks a potential turning point for Lido DAO, positioning it for further growth in the coming days.
As of today, Lido DAO is priced at $1.34, with a 24-hour trading volume of $625.11 million and a market capitalization of $1.19 billion. Its market dominance stands at 0.05%. Over the past 24 hours alone, Lido DAO’s price has increased by 15.40%, reflecting strong investor sentiment and a renewed interest in the token.
Paradigm Capital Moves 70 Million LDO Tokens
Recent movements from Paradigm Capital have sparked interest in Lido DAO’s performance. According to data from Lookonchain, Paradigm Capital transferred 70 million LDO tokens, valued at approximately $96.6 million, just two hours ago. Of this transfer, 8.18 million LDO ($11.29 million) was moved to Coinbase Prime, while the remaining 61.82 million LDO ($85.31 million) was sent to a new wallet. This transfer comes after Paradigm spent 15,120 ETH ($53.25 million) in May 2021 to purchase the 70 million LDO tokens at $0.76 each.
This significant transfer of LDO tokens has raised eyebrows in the market, with many speculating that it could signal increased institutional interest in the asset, potentially driving further bullish momentum for Lido DAO.
Lido DAO’s Path to $3 and Beyond
Looking at the technical chart, Lido DAO is currently testing a horizontal resistance zone. A successful breakout above this level could propel the token towards its next key resistance—an upward trendline. If Lido DAO manages to clear this trendline, analysts believe the token could touch $3 in the near future. Given the current momentum, there is even potential for Lido DAO to exceed this price target, with some speculating that it could rise even higher.
The breakout of this resistance level, combined with the ongoing bullish trend in the broader cryptocurrency market, suggests that Lido DAO could be positioned for substantial gains in the coming days. Investors and traders are watching closely as Lido DAO seeks to maintain its bullish momentum and continue its upward trajectory.
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