YEREVAN (CoinChapter.com) — The crypto market sentiment has turned bullish following the SEC’s decision to withdraw its investigation into Ethereum 2.0. This development has pushed ETH prices above $3,500.
Lido DAO (LDO), a liquid staking solution for Ethereum, has shown significant strength, positioning itself for a substantial upswing.
Lido DAO’s Bullish Momentum and Key Resistance Levels
Lido DAO gained attention during the Ethereum merger and since then, LDO has maintained a positive trend, further boosted by bullish market conditions in late 2023. Despite strong resistance, LDO has surged above the critical ‘trend-reversal’ zone and is now approaching the descending resistance level.
The chart reflects the building bullish momentum in the LDO price rally. The token has shown resilience by holding above key support levels. A notable bullish wick indicates strong buyer support, allowing the price to surpass the crucial resistance at $2.17. LDO is now testing the next resistance at $2.63. These levels are key trend-reversal zones.
Lido DAO’s TVL Growth and Price Recovery
Lido DAO’s bullish trend is underscored by its Total Value Locked (TVL), which is approaching an all-time high of $39 billion. This milestone highlights the increasing adoption of Lido’s staking solutions. The recent price increase has seen LDO reclaim a 700-day diagonal support trend line, suggesting a potential upward movement towards $3.10.
LDO faced a correction from its January high but regained momentum in May. The ascending parallel channel, validated multiple times since June 2022, indicates strong support. The recent upward movement confirmed the bounce and reclaimed the channel’s support trend line.
Analyst Predictions for LDO’s Price
Amid recent market fluctuations, several analysts have provided their predictions for LDO’s future price. Analyst @GlobeOfcrypto1 noted that LDO is testing the resistance of a symmetrical triangle on the 1-day chart. A breakout from this pattern could lead to a price increase of 100-120% in the midterm.
Analyst @WClementeIII predicts LDO may see significant growth in July. Factors include the imminent launch of an ETH ETF, resolution of SEC charges against ETH, and favorable ETH/BTC dynamics. Additionally, LDO’s performance against ETH and BTC looks promising, supported by regulatory shifts in the US.
The accompanying charts show these points: LDO/ETH and LDO/BTC pairs show consolidation, ETH/USDT indicates a potential breakout from a symmetrical triangle, and LDO’s price action suggests a stabilizing downward trend, hinting at a possible reversal.
LDO’s Potential Bullish Breakout. Source: @WClementeIII
LDO Updates
- Lido introduces ‘Restaking Vaults’ in collaboration with Symbiotic and Mellow Finance.
- Lido Finance collaborates with SSV Network to showcase DVT power.
- CommunityBNBeach Dubai – Your Crypto Oasis during Token 2049! As the excitement builds for Token 2049, a unique experience is unveiled that will redefine engagement.
- BadgerDAO teams up with Lido to introduce eBTC and announces a 15 stETH airdrop.
