during the merge week, resulting in a 65% drawdown from August highs to its current low a few days ago.The altcoin traded at $1.483 at press time after a 33.6% upside in the last seven days. Its upside experienced friction near the current price mark after reaching the 50-day RSI level. The upside reflects accumulation after its recent lows as indicated by the Money Flow Index .
A look at LDO’s supply dynamics may help provide insights as to where the token’s price is headed next. Its supply on exchanges increased by roughly 2.84 million LDO in the last five days. This is equivalent to $4.21 million. It represents 0.009% of LDO’s market cap at press time.The coin’s supply outside of exchanges dropped by $2.8 million coins which is almost the same amount that entered into exchanges.
At the same time, the token’s transaction count registered a noteworthy drop to the lowest 4-week levels over the last day. This outcome explains why LDO’s price failed to cross above the 50% RSI level. The dip in daily active addresses and transaction count in the last 24 hours aligns with the higher exchange balances. It suggests that LDO’s short-term outlook is bearish and investor confidence is still low.Subscribe to get it daily in your inbox.