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Lido DAO Carries the Market With a 31% Rally As SNX Drops by 5%

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·2 min read
In this article:
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Key Insights:

  • Lido DAO supported the broader market rally, also almost reclaiming $1.2 in the process.

  • Synthetix led the few other altcoins that declined even when the crypto market remained bullish.

  • The overall value of all cryptocurrencies recovered to $920 billion at press time.

The balance of rallies and dips will always keep the market restrained from either falling too much or rising by a considerable margin.

Except for the few times when pretty much all the cryptocurrencies are leaning in either of the directions, the market will tend to follow the pattern it is following right now.

Lido DAO Takes On the Bears

As the best performing asset of the day, Lido DAO’s native token LDO noted a 31.77% rise in the span of 24 hours, trading at $1.21 at the time of writing.

Although the altcoin has managed to recover the losses it witnessed during the June crash, it is yet to find the support also to recover from the dip of May.

The price indicators surprisingly do exhibit potential in the cryptocurrency to initiate a rally. The Bollinger Bands’ divergence indicates a rise in volatility over the coming days.

However, the advantage LDO has here is that the candlestick is treating the basis of the indicator as support, making LDO vulnerable to price swings in the upward direction.

Additionally, the Relative Strength Index (RSI) is also in the bullish zone at the moment, indicating buy pressure increasing for the coin, which will be essential in pushing the price up.

However, if the indicator crosses the 80.0 mark and hits the overbought zone, it could result in a trend reversal.

Synthetix Takes It Slow

As a matter of fact, very slow. The altcoin hasn’t been able to recover even its June losses even after a month since SNX hit the lows.

Even in the last 24 hours, when most of the cryptocurrencies, including Bitcoin and Ethereum, kept rising, SNX fell by 5.09% to trade at $2.57 at the time of writing.

The downfall does make sense since, according to the Parabolic SAR, the altcoin is in a downtrend as the white dots of the indicator remain above the candlesticks for the third week straight.

Although according to the MACD, SNX is gaining bullish support and might be able to counter the downtrend by keeping it consolidated.

The persistence of the bullish crossover combined with the rising green bars is crucial for SNX if it intends to reclaim $3.

This article was originally posted on FX Empire

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