Lido DAO (LDO) Price Hits New Highs In Extended Rally

The crypto market is bleeding as the top digital currencies, including Bitcoin (BTC) and Ethereum (ETH) are trading in the red today. However, Lido DAO (LDO), a DeFi token, grabbed the spotlight with its exceptional price surge. The crypto gained over 15% in the trading session on Saturday, January 6, 2024, and attained a new 52-week high of $3.61.

Whale Swaps RNDR For LDO

According to a post by Spot On Chain on X, a whale trader, identified as 0xfc9, executed a substantial portfolio shift on Coinbase in the early hours of Saturday. The trader swapped Render (RNDR) for Lido DAO (LDO).

The whale first deposited 750,000 RNDR valued at around $3.01 million at the time and withdrew 450,000 LDO tokens worth approximately $1.5 million. These transactions took place amid considerable market volatility.

Thereafter, the RNDR price experienced an 11% decline over the last 24 hours. Whilst, the LDO price surged by 13% during the same period. The trader traded seven other tokens, including Fetch.ai (FET) and Aave (AAVE), and locked in total profits of $8.95 million.

Also Read: Crypto Prices Today: Bitcoin Price Nears $44K, Lido DAO (LDO) Up 14%, While Pepe Coin Slips

Lido DAO Price Today

The Lido DAO price surge slowed down after hitting the 52-week high of $3.61. At the time of writing, the LDO price was up by 6.28% and the crypto traded at $3.24. This suggests a drop of over 10% from its recent high.

The digital asset boasted a market cap of $ 2.88 billion, up by 6.18% at press time. Moreover, the LDO price rally was supported by a strong rise in demand. Its 24-hour trade volume spiked by 37.76% to $280.28 million.

Furthermore, LDO has clocked in impressive 1-month returns that amount to over 38%. Additionally, in the past 12 months, it has soared over 153% in value. However, despite the recent bullish outcome, the crypto is still trading 70.77% low from its all-time high of $11.

According to TradingView analytics, the LDO price is trading fairly above its 10-day and 50-day EMA of 3.012 and 2.504, respectively. It represents a bullish sentiment, supporting the ongoing rally. Whilst, the RSI value stands neutral at 63.

Also Read: Bitcoin ETF: Crypto Community Fires Back As Better Markets Opposes Approval

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.