Lido DAO price has been in a robust bullish development previously few days.
It has change into the largest DeFi protocol on this planet.
It has a complete worth locked of greater than $6.9 billion.
Lido DAO price has achieved properly in 2023 as demand for liquid staking remained excessive. The LDO token soared to a excessive of $2.68, the very best level since August final yr. It has jumped by greater than 80% from the bottom level this yr and by 365% from the bottom level in 2022.
Liquid staking demand rises
Lido DAO is a number one blockchain platform that has advanced into the largest DeFi protocol on this planet. It has a complete worth locked (TVL) of greater than $6.5 billion, making it greater than MakerDAO, which has a TVL of over $6.4 billion. We wrote about this growth right here.
For starters, Lido is a significant participant in a small however fast-growing a part of the blockchain business. It operates a liquid staking platform for a number of the main blockchains like Ethereum, Solana, Polkadot, and Kusama.
For starters, liquid staking is a modified model of staking that’s normally extra versatile in nature. For convectional staking, customers have to lock their cash for a sure interval, which is normally a month. Withdrawing funds in that interval normally implies that the consumer will lose their staking rewards.
Liquid staking is extra versatile since customers can withdraw their staked funds at any time. This occurs for the reason that customers are given a staked token. In the case of Ethereum, they’re given the Lido Staked ETH (stETH), which has a complete market cap of over $4.4 billion. Lido Staked Solana (stSOL) has a market cap of over $18 million.
Lido DAO price has rallied due to the upcoming Shanghai improve on Ethereum’s community. The improve will make it potential for folks to withdraw their staked tokens in Ethereum. They have staked these cash for a number of months. Therefore, traders anticipate that Lido DAO could have extra demand.
Lido DAO price prediction
LDO chart by TradingView
The every day chart exhibits that the LDO price has been in a robust bullish development previously few weeks. In this era, it has managed to maneuver above the vital resistance level at $1.8500, which was the very best level on November 4. It has moved above the 25-day and 50-day transferring averages whereas the Relative Strength Index (RSI) has moved to the overbought stage.
Therefore, the coin will probably proceed rising within the coming weeks as patrons goal the subsequent key resistance stage at $3. A drop beneath the important thing assist level at $1.5 will invalidate the bullish view.
