Lido DAO sees price increase despite overall market declines
Lido DAO (LDO) experienced a significant price surge this week, surpassing both Bitcoin (BTC) and Ethereum (ETH) in performance. However, technical analysis indicates mounting bearish pressure.
Over the past 14 days, LDO’s price has surged by 11.6%. According to the Lido DAO price chart on Trading View, the token currently holds a market sentiment rating of 37% and a Fear & Greed Index of 55 (Greed). The Relative Strength Index (RSI) stands at 33.47, hinting at a potential decline below the $1.80 mark into oversold territory. The longs/shorts ratio is currently balanced at 1.01, with 50.33% long positions and 49.67% short positions over the last 24 hours, as bulls strive to defend the $1.80 level.
Looking at short-term projections for 2024, technical analysis suggests a price range between $3.24 and $4.40, with a possible high reaching $7.29. Longer-term prospects appear promising for Lido DAO, with forecasts projecting substantial price potential by 2030, ranging from $1,496 to $1,810, and an average trading price around $1,578.
Recent developments have driven Lido DAO’s price surge. Integration of Kusama liquid staking on the Lido platform enabled KSM holders to stake their tokens and receive stKSM tokens, usable across various DeFi networks. Additionally, Total Value Locked (TVL) on the Lido platform reached a record $16.08 billion due to increased staked ETH and rising popularity of liquid staking.
However, amidst a broader market correction triggering widespread panic selling and investor fear, LDO and other cryptocurrencies have been impacted negatively.
As of the latest update, Lido DAO is priced at $2.15, with a market capitalization of approximately $1.9 billion based on a circulating supply of 892.9 million tokens. The 24-hour trading volume stands at $118 million, indicating robust trading activity. Lido DAO holds the 54th position on CoinGecko’s ranking.
In related developments, Ethereum has seen optimism following key events such as the SEC concluding its Ethereum 2.0 investigation without filing charges. This outcome potentially paves the way for approval of Ether spot ETFs, which analysts believe could drive Ethereum to new all-time highs, with some predicting targets as high as $5,000.
Previously, the SEC had issued a Wells notice to ConsenSys in April, concerning potential enforcement actions related to its crypto wallet service, MetaMask, sparking debates over Ether’s regulatory classification. ConsenSys responded by filing a lawsuit against the SEC, arguing that Ether should be classified as a commodity, citing a 2018 designation.
Despite recent market corrections, Ethereum remains resilient above the $3,000 mark, trading at $3,474 at present.
Overall, developments like the potential approval of spot Ethereum ETFs and regulatory clarity regarding Ether’s classification are crucial for fostering cryptocurrency growth and adoption, establishing a more predictable regulatory environment.
