- LDO bears tried to override bulls at $2.39 but bulls pushed back.
- ARB’s RSI showed that buyers were in control despite appearing red candles.
- OP’s price action could remain bullish in the short term.
The price of Lido DAO Token (LDO), Optimism (OP), and Arbitrum (ARB) significantly increased in the last 24 hours. The increase in value ensured that these tokens were some of the biggest gainers out of the top 50 assets per market capitalization.
However, that was not the most bewildering part. It was the fact that the many assets painted the market green at a time when the industry faced another regulatory fight.
Just a day after suing Binance, the SEC added Coinbase to the list of exchanges that went against U.S. policies regarding digital assets. As the matter unfolded, here’s how the tokens linked to the Ethereum (ETH) blockchain reacted.
Lido DAO Token (LDO)
LDO formed a reverse bullish candle, gaining 8.33% in the process. For a while, the native token of the liquid staking platform Lido Finance has hovered around consolidation.
On the 4-hour LDO/USD chart, the token found support at $2.16. And it was backed by Bitcoin’s (BTC) price rise around the same period. Interestingly, the bulls were able to keep the momentum up to $2.44. However, the bears fought back as sellers pushed the price back to $2.39.
But as of this writing, bulls regained control to $2.38 — a signal that showed that bearish dominance may be negated.
Between June 6 and press time, LDO’s On-Balance-Volume (OBV) increased. This suggests increased demand for the token. Usually, the OBV measures the buying and selling pressure to measure potential breakouts and breakdowns. For LDO, a slight retracement in this indicator might require the support of the trading volume if it were to hold the current green candle.
Arbitrum (ARB)
ARB’s price increased by 3.86%, according to CoinMarketCap. This impacted the price rise to $1.17. While there were already signs of profit-taking, the Relative Strength Index (RSI) showed that the token’s buying momentum was relatively fair.
Typically, if the RSI had reached 70, then ARB would have been considered overbought. Conversely, when the hits 30, it is said to be oversold. But at 49.36, buyers seem to have kept a sizable part of the market authority.
Optimism (OP)
Like ARB, OP was another token of the Ethereum L2 that spiked. According to the price tracking platform CoinMarketCap, the value increased by 3.88%.
But it was not the market-driven revival that impacted OP. Instead, the project also completed its Bedrock upgrade whose aim is to improve node performance and lower transaction costs.
At press time, the Awesome Oscillator (AO) was at 0.030. Thus, the positive reading implies that the fast-moving average was greater than the slow-moving average. So, LDO could keep its bullish momentum in the short term.
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