Some quarters would have expected the refusal to lead to an LDO downtrend. Interestingly, it was the other way around. Apart from the community’s belief in the project, some additional metrics have been vital in influencing the price uptick.momentum in many aspects. Besides its price increase, the exchange supply had moved up significantly. At press time, it was 45.19 million.
It was even more impressive in terms of volume — increasing from 52.81 million on 27 July to 221.76 million in the early hours of today .Based on the four-hour chart, LDO seems strong in its hunt for more uptick. The Relative Strength Index revealed that buyers were in control. However, LDO appears to be approaching the overbought level, which could lead to a short reversal.
Looking at the 20 EMA and 50 EMA, the projections of the RSI may be close to accurate. This is because the 50 EMA looks pretty close to meeting the 20 EMA .If LDO draws back, it would certainly not be because of the proposal refusal. However, investors and Lido DAO at large may want to watch out for levels that could trigger a price fall.Subscribe to get it daily in your inbox.
Source: Digital Coin News (digitalcoinnews.net)
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