![Despite sell offs, here is why Lido DAO’s [LDO] price action turned bullish](https://i.headtopics.com/images/2023/4/14/cryptoamb/despite-sell-offs-here-is-why-lido-dao-s-ldo-price-despite-sell-offs-here-is-why-lido-dao-s-ldo-price-1646794168209928192.webp)
Lido’s price was inversely affected by the recent sell-off as it went up in the last 24 hours. The possibility of a continued surge seemed likely as it was backed by positive market indicators and metrics.
According to the tweet, Dragonfly Capital transferred LDO worth $1.5 million, which could add to the selling pressure. However, the situation ended up differently in this case. Is this because of the ongoing bullish market condition? Or were the metrics and indicators supporting the surge?Interestingly, LDO’s price increased by more than 7% in the last 24 hours. At press time, it wasat $2.38 with a market capitalization of over $2 billion.
The Money Flow Index also followed the same trend and went up, which looked bullish. LDO’s Moving Average Convergence Divergence also displayed a bullish crossover. The Bollinger Bands showed that LDO was entering a high volatility zone, further increasing the chances of a continued northward price movement.revealed that quite a few factors were working in favor of Lido DAO, which can fuel further growth in the coming weeks.
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