The Lombard crypto price reached a record high as demand from South Korean investors increased. BARD soared to a high of $1.5, up by over 70% from its lowest level this week. This surge has pushed its market capitalization to over $330 million.
Why the Lombard Crypto Price is Soaring
Lombard token has been in a strong uptrend after its token generation event (TGE) that led to more exchange listings. It is now listed on popular exchanges such as Binance, Upbit, OKX, and Bybit.
A closer look reveals that Lombard’s total volume over the last 24 hours exceeded $800 million. Most of this volume was traded on Upbit, the largest South Korean cryptocurrency exchange. Its volume was worth over $300 million, a sign that these investors are buying.
Another reason the Lombard price is rising is that it was listed on Coinbase on Tuesday, providing it with access to American investors. It is common for a cryptocurrency to experience a surge in value after being listed on a major exchange.
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For starters, Lombard Finance is one of the largest players in the cryptocurrency industry, where it operates the Lombard Staked Bitcoin (LBTC), which has accumulated a market capitalization of over $1.5 billion.
LBTC enables users to stake and generate a return from their Bitcoin holdings by deploying them in decentralized finance. Data shows that the LBTC has a current APY of about 0.82%.
According to the website, Lombard has three key stages, with the first being the activation of the liquidity layer, which involves creating LBTC and the Lombard Vaults. The other phases are the capital markets, followed by the Bitcoin economy.
Analysts believe that Bitcoin’s use in decentralized finance is one of the largest market opportunities, given its market capitalization of over $2.2 trillion. Most of these coins are not generating any returns, with the total value locked in Bitcoin’s DeFi platform amounting to approximately $10 billion.
BARD Price Technical Analysis
The hourly chart shows that the BARD price formed a double-bottom pattern at $0.8850, its lowest swing on September 20th and 22nd. This pattern had a neckline at $1.2033, its highest point on September 21.
Lombard price has already hit the double-bottom target at $1.5, while the Relative Strength Index has moved above the overbought level at 74.
Therefore, the token will likely pull back in the next few days as sellers target the double-bottom’s neckline at $1.2033. Such a move will likely form a break-and-retest pattern, a common bullish continuation sign in technical analysis.
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