The three leading altcoins, Ethereum Classic (ETC), Filecoin (FIL), and Lido DAO (LIDO), have outperformed Bitcoin and other well-known cryptocurrencies to lead the altcoin market. In particular, Lido DAO (LIDO) spikes 50% during the last week amid a series of positive fundamentals.
According to Arcane Research, while the cryptocurrency market experienced a “typical relief rally” over the previous month, altcoins outperformed the market by 40% on average. This is why, historically, July has been a good month for digital assets. According to CoinMarketCap, the price of the Lido DAO LDO token is still rising the fastest among the top 100 most valuable cryptocurrencies.
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Lido DAO (LIDO) Price Review
The current Lido DAO price is $2.36, with a 24-hour trading volume of $211 million. Lido DAO had a 15.38% increase the day before. The DAO prices market is now ranked #63 with a live market cap of $739 million. It has a total supply of 1 billion LDO coins and a circulating supply of 313 million LDO coins.
Lido DAO prices are unconcerned about the economic storm that has erupted, even though the rest of the cryptocurrency market is in turmoil. The reason for the shaky crypto market could be that the Fed rate has risen by a whopping 75 basis points, while the US GDP figure is negative.
Bullish Crypto Market
Since the start of the day, the two most valuable cryptocurrency coins in the world, BTC and ETH, have continued to rise in value, putting the cryptocurrency market on the rise. The market as a whole advanced as the price of the most well-known cryptocurrency, Bitcoin, surpassed the $24,000 mark.
Bitcoin is struggling to break through the $24,000 barrier. However, it is still moving in the right direction and may advance further near the $24,000 mark. As a result, the Lido DAO coin’s value increased significantly over the previous week.
Lucrative Benefits of Liquid Staking Include
With Lido DAO’s liquid staking mechanism, you can avoid currency locking and receive freely transferable stETH in exchange for every ETH staked. As a result, Lido DAO has attracted a sizable number of investors, and if that number continues to grow, the protocol will significantly impact the Ethereum network.
One of the Lido DAO’s many rising assets is the voting power that LDO, the governance token, grants its owners. Moving on, the majority of experts who predicted Lido DAO coin prices predicted an upward trend over the next ten years. According to TechNewsLeader, it could reach $3.57 this year and $16.55 in five years. It forecasted an optimistic maximum Lido DAO price of $75.18 in 2030.
Lido DAO (LIDO) Spikes 50% – Technical Outlook
Looking at the technicals, Lido Dao is currently trading at $2.66 and has formed an upward channel. Ascending channels usually keep a market’s uptrend going, so LIDO’s bullishness remains strong.
LIDO’s immediate support is at $2.56, and closing candles above this level increases the likelihood of a bullish trend. On the upside, Lido DAO could challenge the next resistance levels of $2.99 and $3.25. On the other hand, a bearish breakout of the $2.50 level could expose LIDO’s price to the $2.26 level.
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Source: https://insidebitcoins.com/news/lido-dao-lido-spikes-50-bullish-crypto-market-in-play