Lido DAO (LDO) Breaks Free, As Whale Buys $2.38M Amid Bullish Breakout

Lido DAO (LDO) experienced a sharp increase after its breakout from a recent long-term descending channel caught both whales’ and traders’ eye.

The crypto market has displayed rising bullish force through increased open interest and trades which drives investor predictions around hitting the $4 benchmark soon.

Bullish Breakout for Lido DAO (LDO) from Descending Channel

Between March and November 2024, LDO established its price using a descending channel defined through sequentially lower highs alongside lower lows.

LDO escaped its bearish pattern when it crossed the descending channel’s upper trendline in late November.

Cryptocurrency breakouts above current supports serve as crucial signals for market turnaround from bear market conditions.

LDO traded at $2.08 at press time with 24-hour gains of 19.01% and a weekly increase of 3.26%, reaching a market capitalization worth $1.85 billion.

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The breakout happened alongside rising trading volume which shows investors taking new interest. The trading benchmark at $2.63 acts as a significant obstacle in LDO stock movement.

If LDO achieves a solid close beyond this threshold it will move towards testing the new price target of $4.

Whale Activity Fuels Momentum

LDO recently saw a market boost when “0x373” exercised a large asset purchase.

Spot On Chain data shows that this whale converted 664.5 ETH which equals $2.38 million for ownership of 1.167 million LDO at $2.036 per unit.

The whale owns additional high-value digital currency holdings which include 2.987 trillion PEPE tokens worth $46.4 million and 10.24 million ENA tokens holding an $9.12 million value.

The whale made this sizeable investment because they believe in LDO’s potential since they continue acquiring LDO by trading other assets.

Recent Market Data Shows Strengthening Bullish Trends

Trading volume increased 46.86% to $504.15 million while open interest grew by 33.28% reaching $156.09 million according to Coinglass data.

Recent liquidation statistics illustrate a strong bullish trend because traders liquidated their positions for a total value of $379.91K and short positions accounted for the major part of these liquidations.

The liquidations from short positions reached $336.1K with OKX ($153.97K) and Binance ($132.14K) topping lists while strong long liquidations did not exceed $43.81K.

Augmenting price predictions by traders trigger large-scale short position liquidations.

LDO Key Levels to Watch

LDO advances toward the pivotal resistance zone at $2.63 which marks essential support for ongoing bullish behavior.

Traders should anticipate LDO to hit a major psychological resistance point at $4.00 behind a strong volume breach of this level.

The trajectory of LDO will depend significantly on market reactions and whale activity and traders need to follow these elements closely during the upcoming days.