Lido token (LDO), the utility and governance token for the Lido Decentralized Autonomous Group (DAO) that controls Ethereum liquid staking protocol Lido, has seen important upside volatility prior to now few days. LDO, up round 14% within the final seven days, got here inside a whisker of its highest ranges since August 2022 on Thursday after momentarily surpassing the $3.0 per token mark.
Lido token has since eased again to commerce within the $2.60s, however technicians suppose the cryptocurrency stays in a near-term uptrend. That implies a sustained break above $3.0 and the August 2022 highs at $3.10 within the close to future is a powerful chance. Suppose the broader rise in cryptocurrency markets continues and hypothesis that the US would possibly ban US-based centralized cryptocurrency corporations from offering Ethereum staking providers (like Coinbase) continues to swirl. In that case, LDO’s near-term prospects look good.
Coinbase CEO Brian Armstrong tweeted on Thursday that he heard rumors that the US Securities and Change Fee (SEC) would possibly do away with crypto staking within the US for retail clients. That triggered a surge in Lido token, with buyers betting {that a} ban on Coinbase’s Ethereum staking service would see substantial ETH flows into decentralized liquid staking protocols like Lido.
Worth Prediction – The place Subsequent for LDO?
If Lido token can muster a sustained push to the north of resistance round $3.0, this might open the door to a swift rally in direction of the April 2022 highs within the $5.20 space. That may mark a barely greater than 100% or 2x rally from present ranges. With already round 5.5x up from its June 2022 lows within the $0.40 per token space, such a rally within the quick time period shouldn’t be dominated out as not possible.
As soon as the April 2022 highs are hit, consideration would then flip to the document highs printed in August 2021 within the $6.50 space. In fact, LDO isn’t going to have the ability to muster such a transfer within the absence of assist from the broader market, however it might get simply that. A wave of on-chain and technical indicators are more and more pointing in direction of the truth that the underside is in for Bitcoin and 2023, although more likely to be characterised some additional tightening from the US Federal Reserve, ought to be a way more favorable yr for crypto on the macro entrance.
LDO Options
For those who’re in search of different high-potential crypto initiatives alongside LDO, we have reviewed the highest 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Trade Speak staff.
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