Whale “0x373” Makes a Bold Move: $2.38M Investment in LDO Marks a Potential Bullish Reversal

A significant turn of events is occurring in the cryptocurrency market. The famed whale known as “0x373” has just made a big investment that is turning quite a few heads.

In the last two hours, this well-known entity has spent an impressive amount—664.5 ETH, equal to about $2.38 million—to purchase 1.167 million Lido DAO tokens (LDO). The average price they paid for the tokens was about $2.036 per token. This move by 0x373 is being watched very closely because, when you have that much money involved, obviously it’s such a signal.

The crypto community knows the wallet address “0x373” well. It has a storied history that includes many strategic acquisitions and substantial profits. In addition to this recent LDO acquisition, the whale’s portfolio in wallet address “0x373” exhibits remarkable diversity and scale. This stunning array of assets and acquisitions strongly hints at a carefully curated investment strategy focused on maximizing gains across many different fronts.

This whale’s huge investment in LDO is just one dimension of its overall strategy. They’ve possibly spent millions acquiring LDO, but “0x373” still sits on a mountain of nearly 750 WETH (at around $2.56 million) with which to execute trades. What’s more, this whale continues to exchange WETH for even more LDO, suggesting it has its eye on the more immediate future for the token in question.

The whale’s portfolio, however, is not limited to that. Besides LDO and WETH, the wallet also makes a considerable play in two other assets:

1. Pepe Coin ($PEPE): A whale currently holds an astonishing 2.987 trillion PEPE tokens, worth $46.4 million. Remarkably, this position has already netted the whale a cool $55.4 million in profits, thanks to the very early entry and profitable exit strategies he or she seems to have employed.

2. Envision ($ENA): Another lucrative holding is 10.24 million ENA tokens, valued at $9.12 million. This investment has generated a total profit of $3.82 million, further solidifying the whale’s reputation for identifying and capitalizing on high-performing tokens.

“0x373″‘s major investment in LDO comes at a pivotal moment for the token’s technical development. The LDO/USDT trading pair has recently broken out of a long-term descending bearish channel, a restraining pattern that had kept its price action in check for an extended period. This breakout above the upper trendline represents a critical signal, often interpreted by technical analysts as a potential bullish reversal.

The market’s change in sentiment concerning LDO is apparent; the token’s price momentum is picking up. But one thing remains a key hurdle for LDO if it wants to continue its ascent: LDO needs to get through and hold above $2.63, a significant resistance zone that has stymied LDO’s price action above it for most of the past year. If you look at a chart of LDO, you can see that $2.63 has stopped the token from going higher not just recently but also a couple of times in 2023 and throughout 2022.

https://twitter.com/ygcrypto/status/1882486947945607253?t=0NDCN3EhjaSilZFT7KXYUQ&s=19

The breakout arrives just as the larger cryptocurrency market is seeing a fresh wave of optimism. Because Lido DAO is a leading decentralized finance (DeFi) protocol that provides staking services not just for Ethereum but for a variety of other networks as well, its moving price is often taken as an indicator of DeFi market sentiment.

The whale’s choice to invest millions in LDO emphasizes faith not solely in the token’s technical configuration but also in what it offers at a fundamental level. Lido DAO is not merely tagging along as staking surges. It is leading the way, pushing both liquid staking and a form of governance that is better than Ethereum’s original governance model.

Actions taken by whales such as “0x373” are often viewed as bellwethers by retail and institutional investors, providing a glimpse into what may lie ahead for the markets. THE $2.63 RESISTANCE. The resistance at $2.63 has become a major issue. It must be successfully breached to create another leg to the upside and bring back the buying impetus.

Nonetheless, it is important for investors to be careful. The crypto market carries a great deal of inherent volatility, and key resistance levels often incite increased selling. If momentum above $2.63 cannot be maintained, a pullback could happen, which would make managing risk that much more urgent for anyone attempting to follow the whale’s lead.

Whale “0x373” has been recently active, and this has brought renewed attention to Lido DAO. Increased interest in the DAO might lead to a turnaround, and the whale’s moves signal that a bullish case for Lido is developing. The whale has invested a massive $2.38 million in LDO. This is not the whale’s first impressive investment. The whale’s portfolio already includes some notable assets, like PEPE and ENA, and demonstrates a well-thought-out approach to the market.

With the long-term bearish pattern behind it, LDO is poised for its next steps. They will be crucial in deciding whether LDO can climb past the $2.63 barrier and really start to run. Right now, everybody’s watching “0x373” for some clear signals.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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