Celsius Fights the Bears As Lido DAO Leads $35B Losses In the Market
- Celsius could be seen rallying by more than 30% today.
- Lido DAO is taking a break to cool down after its 331% rally from the last month.
- Bitcoin and Ethereum also slipped to $23k and $1.6k in the last 24 hours.
The sanctions placed by the United States Office of Foreign Assets Control (OFAC) on cryptocurrency service provider Tornado Cash have had a deep impact on the crypto market, with most of the altcoins losing their value, including Bitcoin and Ethereum, which ended up falling to $23,073 and $1,686, respectively.
Celsius Goes Up
The altcoin had a somewhat surprising day as it was the only cryptocurrency to note a rally of more than 10% in the last 24 hours.
Up by 30.47%, Celsius inched closer to its next critical support level of $2, trading at $1.89 at the time of writing.
Once it crosses that barrier, the altcoin will be able to recover all of its 87.01% crash from the months of May and June.
The price indicators, however, are exhibiting mixed signals, with the Parabolic SAR indicating a continued uptrend. The presence of the white dots underneath the candlesticks is a positive sign for the altcoin.
However, the reach of the Relative Strength Index (RSI) into the overbought zone above the 80.0 threshold is certainly a matter of concern.
This reach signifies saturation of buying pressure for CEL, which would result in a trend reversal, making it difficult for the altcoin to cross the $2 mark.
Lido DAO Follows the Trend
Unlike Celsius, Lido DAO stuck to the broader market cues, albeit bearish, resulting in a 9.73% loss in the last 24 hours.
Today’s downtrend adds to the 18.13% dip that began three days ago after the altcoin finished its 331.91% rally a month ago. Trading at $2.18, LDO is looking at a potential drop in its price since all hands point in that direction.
The MACD officially executed a bearish crossover with the signal line (red) moving above the indicator line (white) 48 hours ago.
This could further the already ongoing downtrend and lead to the altcoin falling below the $2 mark.
As it is, the Bollinger Bands are converging to indicate reducing volatility in the market, and should the candlesticks fall below the basis of the indicator, LDO will notice consistent drop in prices.