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Monday, February 6, 2023
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    HomeMarketLido price momentum accelerates; gets extremely overbought

    Lido price momentum accelerates; gets extremely overbought

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    • Lido DAO value has been in a powerful bullish development previously few days.

    • It has develop into the largest DeFi protocol on the planet.

    • It has a complete worth locked of greater than $6.9 billion.

    Lido DAO value has completed properly in 2023 as demand for liquid staking remained excessive. The LDO token soared to a excessive of $2.68, the 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 developed into the largest DeFi protocol on the 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 here.

    For starters, Lido is a significant participant in a small however fast-growing a part of the blockchain trade. 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 signifies 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. Within 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 value has rallied due to the upcoming Shanghai improve on Ethereum’s community. The improve will make it attainable for individuals to withdraw their staked tokens in Ethereum. They’ve staked these cash for just a few months. Subsequently, traders anticipate that Lido DAO can have extra demand.

    Lido DAO value prediction

    LDO chart by TradingView

    The each day chart exhibits that the LDO value has been in a powerful bullish development previously few weeks. On this interval, it has managed to maneuver above the essential resistance level at $1.8500, which was the best level on November 4. It has moved above the 25-day and 50-day shifting averages whereas the Relative Power Index (RSI) has moved to the overbought stage.

    Subsequently, the coin will seemingly proceed rising within the coming weeks as patrons goal the following key resistance stage at $3. A drop under the important thing help level at $1.5 will invalidate the bullish view.

    Learn how to purchase Lido DAO



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