LDO Leads Top Coins, Registers 6% Gains In One Day

https://www.newsbtc.com/news/ldo-leads-top-coins-registers-6-gains-in-one-day/

Lido DAO (LDO) price gains today suggest the bulls are determined to push it to the $2.5 mark as the broader crypto market cap increased in the last day. 

LDO has joined the top-gaining coins today, June 7, with an over 6% price increase over the past 24 hours. The token closely follows PEPE, which has gained over 12% in the last 24 hours.

LDO Price Surge Amid Improved Market Sentiments

While LDO ranked 6th among top daily gainers, it scored second among top weekly gainers with a 13.48% price increase over the past seven days. Having a high of $2.45 and a low of $2.22, LDO is eyeing the $2.5 price level and might conquer it if the bulls continue to dominate the market.

According to CoinMarketCap data, Lido DAO has witnessed impressive price performances over the past 30 days. The token price has increased by over 36% in the last 30 days, 20.2% in 14 days, and 13.48% over the past seven days.

The crypto market seems bullish as investors anticipate the May CPI data, which the US Bureau of Labor Statistics will release on June 13. The inflation rate reduced to 4.95% in April from the 5.0% recorded in March against the 5.0% forecasted by economists. This shows that the Fed’s hawkish inflation-curbing strategy is taking effect.

Moreover, given the increasing recession and severe macroeconomic conditions, the Federal Reserve said it would pause the interest rates hike. And that has been reflected in crypto prices as Bitcoin prices pushed higher above $28,000. The sentiments appear higher still, even as investors anticipate the upcoming CPI data release.

At press time, the crypto market cap is up by 2.86%, while the total market volume has increased by 12.13%, rubbing off on most coins.

LDOUSD price chart

Increased Network Activities Propel LDO Price 

The effect of the crypto market volume increase on assets is evident on LDO’s trading volume, which has increased by over 37% in the last 24 hours. That’s not all. According to Stelareum data, LDO total value locked (TVL) is up by 4.59%, against the 5.09% decline recorded on June 6. Lido Analytics also shows that LIDO TVL spiked 7.24% from May 29 to June 5, ending the week at $13.54 billion.

As of June 5, LDO staking led on Ethereum with a net deposit of 264.99K ETH, followed by an unknown contract with 215.68K ETH deposits. That suggested increased trading activities on the protocol, which could also push the LDO price.

Related Reading: Bitcoin Casino Canada: The Best Sites for Crypto Gambling 2023

Meanwhile, LDO technical analysis on TradingView flags a strong buy signal. LDO’s price has climbed above all the Exponential and Simple Moving Averages but remains below the Hull Moving Average at 2.360. Chances are high that the token would push above the $2.5 mark if it can conquer the Hull Moving Average.

KAVA Holds In Green Despite Bears Taking Control Of Crypto Market 

https://www.newsbtc.com/news/kava-holds-in-green-despite-bears-taking-control-of-crypto-market/

The cryptocurrency market has been volatile in the last day, with prices often experiencing significant fluctuations. However, while the market plummets, KAVA coin managed to defy the trend by surging 10% in a single day between June 5 and the early hours of June 6.

As of the time of writing, KAVA still shows massive network activities as the trading volume depicts a gain of 320% in 24 hours. The significant surge in KAVA’s trading volume and market cap suggests heightened investor interest and potential market growth.

Even though the price has witness a decrease in momentum, KAVA still holds most of its gains from the early hour’s spike, standing at $1.07. 

Analyzing KAVA Coin’s Gains Amidst a Turbulent Cryptocurrency Market

KAVA is a prominent cryptocurrency known for its unique features and use cases. It operates on its blockchain platform, offering decentralized finance (DeFi) solutions such as lending, borrowing, and staking.

Related Reading: Bitcoin (BTC) Dominance Trend Shifts Alongside Stablecoin Flows: Glassnode

The recent surge in KAVA Total Value Locked (TVL) can be contributing to the price increase of KAVA. According to data from DeFi Llama, the TVL of Kava is at $66.12 million, representing an increase of 9.34% within the last 24 hours.

The increase in TVL also suggests that more investors are depositing their assets into the protocol, either for staking, lending, borrowing, or other purposes. This influx of capital demonstrates confidence in the platform’s functionality, security, and potential returns.

KAVAUSD price chart

The Bollinger Bands And RSI Signals Bullish Momentum

Currently, KAVA/USDT is trading above the middle part of the Bollinger Bands and has an RSI reading of 60.68; it suggests that the asset’s price is trending upwards, and there may be a bullish momentum. This also contributes to the bullish momentum present in the KAVA market.

Kava, valued at $1.128, exhibits several support and resistance levels. The support levels for Kava are as follows: $0.949, $0.832, and the strongest support at $0.655. Conversely, Kava’s resistance levels are $1.152, $1.623, and $1.894. 

These levels indicate price points where Kava’s value may encounter barriers in either upward or downward movements. Traders and investors can utilize these levels to assess potential entry or exit points based on Kava’s price action and the market’s overall sentiment.

Global Crypto Market Performance

The global crypto market cap is $1.09 trillion, reflecting a 3.46% decrease in the past 24 hours. Meanwhile, the total crypto market volume has surged by 70.51% to reach $45.89 billion during the same period. 

Within the market, decentralized finance (DeFi) volume stands at $3.36 billion, accounting for 7.33% of the total 24-hour volume. Additionally, stablecoins contribute a significant portion, with a volume of $43.27 billion, representing 94.29% of the total market volume.

Bitcoin’s dominance currently stands at 45.76%, experiencing a slight 0.06% decrease throughout the day.