Lido DAO(LDO) Price Analysis: Will LDO hit 4$?
Lido DAO(LDO) offers a solution to Ethereum staking issues and was introduced in December 2020, soon after the release of the Ethereum 2.0 Beacon Chain. Lido provides non-custodial staking services, and it tackles difficulties such as the need for technical skills and the requirement to stake in multiples of 32 ETH, in contrast to standard exchanges.
Lido presents stETH, a tokenized version of staked ETH, to address issues with capital inefficiencies. The idea offers flexibility that was impossible before by enabling users to employ their staked capital in different methods.
Although Lido first concentrated on Ethereum, it has now extended its offerings to include other blockchains. In March 2021, staking was launched on Terra, followed by Solana in September 2021. Stakeholders on Terra’s LUNA or Solana’s SOL acquire derivative tokens, called bLUNA or stSOL, like Ethereum.
Price Today
As of today, the price of Lido DAO (LDO) is $3.29, and it has seen a 24-hour trading volume of $102,105,261.32. This reflects a decrease of -2.46% in price over the last 24 hours, while there has been a positive 7.79% price change in the past seven days. With a circulating supply of 890 million LDO tokens, the market cap of Lido DAO is currently valued at $2,927,157,078.
Lido price history
As of now, Lido DAO is valued at $3.29, holding the 33rd position in the cryptocurrency market. It has a market capitalization of 890,183,775 LDO and a circulating supply of $2,930,181,336.86.
The cryptocurrency’s current value has increased by $0.07 during the last day.
In the last seven days, It has experienced a rapid increase of 7.63%. With Lido DAO showing considerable promise, now might be an opportune moment to consider investing.
In the last month, LDO’s price went up a lot, by 49.51%, adding about $1.63 on average.
This big increase suggests that if LDO keeps growing like this, it could become a reliable investment.
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Technicals of Lido DAO(LDO)
In a 45-minute time frame. It is forming a bear flag chart pattern. We have to wait for a breakout or breakdown. If it breaks the flag resistance trendline, then the pattern will be invalid.
Our technical indicators suggest that the 200-day SMA of the Lido DAO Token will grow all over the upcoming month, reaching $ 2.22 in February 2024. By February 2024, the short-term 50-day SMA of the Lido DAO Token is predicted to reach $3.18.
The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). The LDO market is neutral at the moment, as indicated by the RSI reading of 57.76.
Based on today’s classical pivot point (P1) set at $3.39, LDO Token exhibits support levels at $3.31, $3.27, and the strongest at $3.19. Conversely, resistance levels are noted at $3.43, $3.52, and $3.56 for Lido DAO Token.
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Potential future price movements
Bullish Scenario
If the market keeps Lido DAO’s price above the support level of $3.313, there’s a likelihood of a positive upswing. This could lead LDO to test the resistance level of $3.398, and if sustained, it might progress further to challenge the upper resistance mark of $4.
Bearish Scenario
Conversely, a shift in market dynamics causing a trend reversal may result in a price decline for LDO. This could lead to testing the support level of $3.5, and if bearish dominance continues, it might push the price down further to test a lower support level of $3.2 in the upcoming week.
In Conclusion
Lido DAO (LDO) has displayed significant bullish behavior, supported by various technical indicators. While the future of cryptocurrencies remains unpredictable, the current analysis suggests a strong potential for LDO’s continued growth if it can maintain key support levels. As with any investment, thorough research and consideration of market volatility are recommended for investors.
