Could LDO Boost After The Joint Effort Between SSV Network & LIDO?

The Lido DAO (LDO) has exhibited excellent price performance over the daily chart. The price was in an uptrend by January 10th, 2024, as it flew from $1.50 support to $4.0 supply, where the candle closed at $3.775.

After that, the LDO price struggled at supply but ended up in a declining wedge and reached the $1.50 support level by May 16th, 2024. However, the LDO crypto has displayed a strong revival this week by 44.48%, as the price bounced back from a critical support level of around $1.50 on the chart. This surge led the price to break out from the declining wedge pattern and showed more bullish optimism for the future.

SSV Aids LDO; Let’s Dig How?

The SSV Network recently shared a tweet on the X platform, which included a link to a post. The SSV provided an analysis from the latest Simple DVT Holesky Testnet, a collaborative effort between the SSV Network DAO, Lido LNOSG, and the broader staking community.

Similarly, the report detailed the key findings of the test, highlighting the performance of the SSV nodes operated by various community node operators. 

Likewise, the findings indicated that the SSV nodes not only met but surpassed the benchmarks established by the LNOSG. Encouraged by these results, the SSV Network appears poised to advance with deploying the Simple DVT on the mainnet.

How Does DVT Benefit the Lido Crypto?

In particular, the SimpleDVT Testnet on Holesky has aimed to prepare to launch Lido’s Simple Distributed Validator Technology staking module over the mainnet. Similarly, the execution of the DVT within the SimpleDVT module exhibits significant benefits for Lido, such as enhancing node operator resilience, scalability, and decentralization.

Moreover, DVT encourages improved participation and collaboration by allowing a single validator to function with multiple machines. It encourages alignment among smaller and larger operators, thus promoting a more robust and diverse network. 

Likewise, this approach authorizes the smooth integration of at-home validators with Lido. They have also offered a rapid method for adding various Node Operators (NOs) to the Lido Node Operator set, perhaps extending the protocol’s mainnet validators by over 600%.

Could Lido DAO Keep Rallying for Higher Levels?

The LDO asset exhibits bullish strength and rising capacity as it holds above major 50-day and 200-day EMAs. Furthermore, the asset has displayed bullish behavior, as MACD stands at 0.069 above the zero line, and the RSI has flashed at 68.10, meaning that the LDO asset has not faced much resistance yet and can continue to rally higher.

At press time, the LIDO crypto has experienced a surge of 8.75% in the last 24 hours and traded at $2.570.

Therefore, if the demand for the LDO asset price increases, it could continue rallying from the current level. The next target for the price could be to reach the $3.00 and $3.50 mark.

However, if the Lido DAO crypto price fails to stay above the $2.0 level and trades back into the wedge, it could decline further, as the bullish pattern would lose its importance in that scenario.

Summary

The Lido DAO (LDO) has shown impressive price performance on the daily chart, going from $1.50 to $4.00 by January 10th, 2024, then declining to $1.50 by May 16th, 2024, before a recent surge of 44.48%. 

The SSV Network shared an analysis on their X post. It highlighted the successful performance of their nodes, leading to optimism for the future of LDO. The deployment of Simple DVT on the mainnet is expected to further benefit Lido by enhancing resilience, scalability, and decentralization.

Furthermore, with LDO showing bullish signals and potential for higher levels, reaching $3.00 and $3.50 is feasible if demand stays high. However, falling below $2.0 could lead to a decline.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.