- Lido DAO’s circulating supply will reach its maximum after the upcoming unlock.
- LDO’s metrics and market indicators remained bearish.
Lido DAO [LDO] is awaiting its final cliff unlock this month, which will push its circulating supply to the maximum. As a few weeks remain before the unlock, investors should pay attention to LDO’s price movements before making any decisions on the token.
🪙 – 8.51m tokens
🔥 – valued at 15.67m dollars
🔓 – 99% unlocked
💼 – Investors unlocks event
— Token Unlocks (@Token_Unlocks) August 5, 2023
Interestingly, after weeks of decline, LDO’s daily chart finally turned green, giving hope for a trend reversal over the coming days. However, despite the hike in price, bearish sentiment around LDO dominated the market.
Lido DAO to witness it’s finally unlock soon
Token Unlocks’ data revealed that Lido will undergo its final cliff unlock of 8.5 million on 25 August 2023. With this, LDO will inject the final 0.97% of its supply into the market, which will increase its circulating supply to 1 billion.
As of now, LDO has a circulating supply of 878,816,037 LDO.
Before Lido DAO witnessed its last token unlock, its price action showed signs of recovery. After weeks of decline, LDO’s daily chart was painted green as its value increased marginally. As per CoinMarketCap, LDO’s price increased by 0.46% in the last 24 hours. At press time, it was trading at $1.86 with a market capitalization of over $1.6 billion.
However, the positive price action did not help improve market sentiment. LunarCrush’s data revealed that the token’s bullish sentiment dropped by 52% while its social dominance declined by 50% in the last 24 hours.
A look at Lido DAO’s metrics pointed out that the token was still under selling pressure. Its supply on exchanges went up while its supply outside of exchanges dropped, which is a typical bearish signal.
Additionally, whale activity around LDO has also decreased over the last few days, as evident from its whale transaction counts.
Lido DAO’s chart might turn red again
LDO’s network activity also registered a decline last week. This was evident from the drop in its daily active addresses. LDO’s network growth also plummeted.
A decline in the metric means that fewer new addresses were created to transfer the token. A similar trend was also noted in terms of its velocity.
Realistic or not, here’s LDO’s market cap in BTC terms
A look at LDO’s daily chart gave more reasons for concern. The MACD displayed a bullish upperhand in the market. Lido DAO’s Exponential Moving Average (EMA) Ribbon also displayed a bearish crossover, increasing the chances of a price decline.
Nonetheless, the Relative Strength Index (RSI) moved up slightly and was headed towards the neutral mark, which gave hope for a continued price uptick.
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