LDO, short for Lido DAO, is one of the leading blockchain tokens in the market. Recently, it has recorded its largest transaction in two years. According to the analytics firm Santiment, around $135 million worth of LDO was transferred from one self-custody address to a new one. This is the 8th largest transaction in the network that ever happened, making it a remarkable milestone for the altcoin.

The price of LDO at the time of reporting was $1.85, which is a 1.45% dip from the previous 24 hours. It is still ahead of the major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), and reported a 0.02% gain against BTC and a 1.56% gain against ETH.

The coin faced trouble in the last three weeks. Its key support level of $2.213 flipped to resistance and it further spiralled down. In that context, the next major support level it hits is $1.787, as of now.

The daily RSI line has indicated that the troubles may be over, but the crypto will soon have to face something more challenging. The 9-day and 20-day EMA lines are acting as resistance levels and they will have to be overcome by the bull to bring the price back to the former support level of $2.213, at the very least.

If the RSI line crosses above the RSI SMA line, then it can be presumed that a bullish reversal would have taken place. This can also be confirmed if the price of the token breaks above the 9-day EMA line.

In conclusion, it is unpredictable as to when would LDO be achievable with its full potential, but nothing is seemingly out of the bounds with the crypto market. Therefore, it is possible that the bulls might venture into the market anytime to restore the altcoin to its original standing.



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