The price of Lido DAO is currently in a sharp correction that comes shortly after the token made a notable gain. At the time of writing, LDO was trading at $1.86 after dropping by 7.9% in the last 24 hours. The token has been one of the worst performers in the market over the past day.
Lido DAO price corrects
The global cryptocurrency market cap has slightly increased in the last 24 hours to $893 billion. Since the year started, most coins have made significant gains, with the community optimistic that this year will differ from the previous one.
However, the rally made by some tokens is already cooling off. LDO is one of the top gainers in the last week and is up by 54% during this time. Traders selling off to take profits are behind the current price dip.
In the last 24 hours, LDO has created a bearish sentiment, and the token’s volatility has significantly increased. The token has traded in the range of between $1.83 and $2.05. LDO’s trading volumes over the past day now stand at $106 million. The token has a market capitalization of $1.5 billion, ranking it the 33rd largest cryptocurrency.
The selling pressure is evident in the Relative Strength Index of 38, which shows that the sellers have overpowered the buyers, and more dips could be on the way. After losing critical support at $2, LDO will likely drop lower to test support at $1.64. If the broader market support is still in play, LDO could recover and rally higher.
Anticipated Shanghai upgrade is behind Lido’s recent gains
Lido Finance is classified as one of the largest liquid staking platforms on the Ethereum network, accounting for almost 30% of all the staked ETH tokens. Lido witnessed a surge in demand after Ethereum switched from proof-of-work to proof-of-stake in 2022.
Ethereum is expected to undergo a Shanghai upgrade that will allow users to withdraw staked ETH tokens, leading to more people staking through Lido Finance. This will boost demand for LDO, and the token might deliver significant long-term gains.
Three altcoin alternatives set for 10x gains
If you missed the recent LDO bull run, you should consider investing in some of the best presales today.
Meta Masters Guild
Meta Masters Guild is a new play-to-earn mobile gaming platform whose presale has just started. The MEMAG token will power the platform. The MEMAG token sale will see the early investors make significant gains, as the price will gradually increase at each of the seven stages. Over $31,000 has already been raised.
Meta Masters Guild plans to transform the P2E by enabling the community to earn rewards by playing fun games and stake to earn yields and trade MEMAG tokens. Meta Masters Guild is pushing the boundaries of P2E.
Fight Out
Fight Out is the most talked about fitness platform in the blockchain space. Unlike move-to-earn platforms, Fight Out functions as a personal trainer where the fitness activity done by a user in real life will be reflected in their metaverse avatar. Users can access workouts using the native FGHT token.
The Fight Out presale is attracting much interest, and more than $2.84 million has been raised so far. The presale price is 1 FGHT for $0.0166. Investors can buy FGHT using USDT of ETH. The price is expected to increase as the presale continues.
C+Charge
C+Charge is a project that will enable EV drivers to access carbon credits for the first time. The project seeks to accelerate the shift towards EVs, promoting a greener future. C+Charge is leveling the carbon credits market, which has historically been dominated by large corporations.
C+Charge is entering a space that is expected to witness significant growth. The carbon credits market is estimated to reach an over $2.4 trillion valuation by 2027. The presale is fast selling out, with over $245,000 being raised.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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