- Lido Finance TVL remained at the second spot despite the loss of the overall DeFi protocol
- The price action demonstrated that buyers and sellers were in conflict for relevance.
Lido Finance’s [LDO] Total Value [TVL] The top DeFi ecosystems have maintained the liquid staking protocol. Despite the dramatic drop in DeFi overall, this has been possible.
As of press time, the Lido DeFi TVL was at $5.88 trillion. According to DeFi LlamaLido was second, and Lido was only behind MakerDAO [MKR]. The protocol’s performance over the last 30 day had fallen by 33%. This meant that Lido protocol deposits were not impressive despite increased incentives. Ethereum [ETH] staking.
Source: DeFi Llama
Read Lido Finance’s Price Prediction 2023-2024
Lido finance: Growths and volume surge
Even though there were decreases, it was not evident in Lido’s development activity. Santiment data showed that development activity, which had dropped to 11.21 on 23 November, was back up to 11.21 at press-time. This was because the team was constantly improving and refining its protocol.
Volume was another factor that made the hike seem a bit significant. The 24-hour volume stood at $18.16 million as of the time this article was written. This was a 20.83% rise over the previous day. This means that there has been a significant increase in transactions through the Lido chain recently.
Source: Santiment
Of price and what’s coming
According to Bloomberg, LDO traded at $1.10 per share. CoinMarketCap. Although this was a small increase in the past 24 hours, the chart for the fourth hour showed that there is potential for a recovery.
This was because the Relative Strength Index(RSI) indicated some buying power at 39.66. The bearish experience could be turned into bullish but no clear signal was available to indicate this.
The Moving Average Convergence Divergence, (MACD), indicated that there was a battle for selling and buying strength. The MACD indicated that bearish momentum wasn’t over at press time.
This was because sellers (red) and buyers (blue), were both at nearly the same point. The MACD was more indicative of a decline than an increase.
Source: TradingView
LDO might have trouble reversing the bearish trend in its direction. The Directional Movement Index (DMI) was at the bottom of this. As of press time, the positive DMI was green at 15.05, and the negative DMI was red at 27.21. LDO could lose the $1.10 region because it was not close.
Additionally, the Average Directional Index’s (ADX), stance showed an upward directional strength. LDO could be supported more by the yellow ADX (26.35) than the red control.