CandleFocus LDO’s 8% Surge Can’t Halt $53 Million Exit from Futures Market
2024-11-26
Author: Content Editor
Today, LDO, the native token of Lido DAO, experienced an 8% increase in price and a 58% surge in trading volume. This rise in activity is attributed to a surge in demand, as indicated by the highest single-day count of unique addresses completing LDO transactions since February 2023. The high trading volume reached an all-time high since the launch of the ETH-staking protocol. However, there has also been a significant decrease in LDO's open interest, which suggests that futures traders may be taking profits after recent gains. Despite this, the price rally is believed to be fueled by genuine demand rather than speculative trading. The price breakout above a descending channel on the daily chart indicates a potential reversal of the downtrend, with the possibility of reaching $2.09 if buying pressure strengthens or falling to $1.08 if selling pressure increases.
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