According to recent update from a community Blockchain on coinmarketcap a crypto data analysis website, Ldo is a liquid staking service that allows users to stake their tokens and receive liquid tokens in return.
Moreover, Lido aims to expand its service to Solana, a blockchain platform that offers high scalability and low fees. Chorus One, a validator and infrastructure provider for Lido, submitted a funding proposal for this project on the Lido governance forum. The proposal describes the advantages, challenges, and plan of bringing Lido to Solana, as well as the budget and milestones for the project. The Lido community and stakeholders can discuss and give feedback on the proposal.
Lido DAO crypto surged by 1.99% in market value and fell by 12.09% in trading volume in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. LDO market value is $1,405,680,129 and its trading volume is $25,794,284. There are currently 887,706,948 LDO in circulation.
Technical Analysis in the 1-Day Timeframe
LDO crypto price has been on a decline for the last three months, losing 30.96% of its value and forming lower highs and lows.
The LDO crypto price is facing a lot of selling pressure and dropping every day. It is following a downward trendline that acts as resistance and shows bearishness. The price broke below the 50.00% fibo level on July 30th, 2023 with a long-wicked candle and kept falling. The bears are dominant and the price is unable to recover.
The LDO crypto price may continue its downward momentum and reach the support levels of $1.49174599 and $1.37792997, if it does not hold the current level and falls further.
However, if the price stays at the CMP level and rises above the trendline, then it may hit the nearest target resistance levels of $1.68381052 and $1.84030755.
LDO crypto price is below the 20 and 50-day exponential moving averages, which are against the LDO crypto price.
The MACD line, at 0.06673549, and the signal line, at 0.07053426, are both under the zero line. They are close together and crossed, which means the price is stable as seen in the MACD oscillator. The current value of the relative strength index (RSI) is 42.12 points, and the 14-day simple moving average (SMA) is under the middle line at 40.25 points. These indicators together show that the market is neutral to bearish.
Conclusion
LDO crypto price prediction indiactes the neutral to bearish sentiments and perspectives of investors and traders regarding the crypto in the daily time frame. Lido DAO price action highlights a consolidation to negative outlook at the time of publishing. Moreover, the most sought and reliable technical oscillators like RSI, EMA, and MACD suggest the continuation of the neutrality over the daily time frame chart regarding the price.
Technical Levels:
- Support levels: The nearest support levels are $1.49174599 and $1.37792997.
- Resistance levels: The nearest resistance levels are $1.68381052 and $1.84030755.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/06/ldo-price-forecast-2023-can-lido-dao-break-trend-this-time/