Is LDO benefitting from Lido’s growth?
has been moving in tandem with the market so far this year. It delivered a bearish performance from the start of June and bottomed out at $1.62 in mid-June. This is the same low range that it achieved in May.Once again, LDO’s latest upside reflected the overall market outcome. Nevertheless, it was experiencing some resistance after interacting with the 50-day moving average.
LDO’s on-chain data revealed that the supply held by top addresses dipped slightly on 11 June and was yet to recover at press time .On-chain volume fell to its lowest monthly level on 18 June, but has since recovered significantly.Despite the slight recovery, the volume metric is still near the lower range, hence the lack of confidence. Meanwhile, exchange flows revealed that LDO was experiencing more inflows than outflows at press time.
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