Lido DAO, one of the month’s top performers, has outperformed projections regarding price recovery. Lido DAO jumps 11.42% in seven days and about 500% since mid-June. The Lido DAO (LDO) price increased mostly due to similar upward price movements occurring elsewhere in the cryptocurrency market. Moreover, growing excitement surrounding the September Ethereum network upgrade. The much-anticipated Merge of Ethereum might propel ETH to new heights on the price chart.
With ETH; Lido DAO, which might be a star performer in the near future, is also taking a bullish turn. After a recent 280%+ rise, it remains one of the market’s strongest assets. However, the long-term bullish trend for Lido DAO could ultimately end as holders of LDOs may notice a reduction in their portfolio during the next few days. The current Lido DAO price is $2.58, with a $168 million 24-hour trading volume. In the past 24 hours, Lido DAO has decreased by 3.30%. With a live market cap of $806 million, the market is now ranked #63.
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What’s Behind the Rally
The highly anticipated Merge for Ethereum will enable Ethereum (ETH) to move up the price chart. But Ethereum is not alone. It also has Lido DAO as a passenger, who has the potential to perform brilliantly in the coming future. It continues to be among the market’s best assets, which was witnessed following a recent surge of more than 280%.
The connection between LDO and ETH, the most popular platform for smart contracts by total-value-locked, greatly benefited LDO pricing (TVL). The platform’s massive holdings of stETH tokens were the main factor. LDO has increased by more than 17% as of the time of publication over the previous day, rising past the $2.6 barrier. As a result, the LDO’s overall value increased by a startling 580 percent from its most recent low.
Trend Reversal
Lido DAO (LDO) entered a 10-day consolidation period two weeks ago after reaching the top of its overbought zone. According to the Relative Strength Index (RSI), something similar occurred last week. LDO also fell by around 15%, although it swiftly rose in the 24 hours before press time. As a result, the growth rate rose to 483.07 percent. The indicator is once again moving into the overbought region. According to historical indicators, a trend reversal will occur shortly.
Interestingly, some investors have been expecting this, which is why approximately $25.8 million worth of Lido DAO (LDO) has been sold to various exchanges in the previous 20 days. Although the cryptocurrency is in a secure position, investors in LDO should not be concerned about a trend reversal.
Lido Approves the Sale of 1% of Treasury to Dragonfly Capital
A portion of Lido’s treasury money will be sold to a third party. Dragonfly Capital, a cryptocurrency investment firm, will purchase 1% of the tokens in Lido’s DAO treasury. The deal was nearly universally approved. The idea received 99.09 percent approval when 60 million LDO were utilized to vote in favor of it.
Only 553,000 LDO were used to vote against the idea, indicating 0.91 percent opposition. In addition, Dragonfly has agreed to pay a premium in addition to the time-weighted average pricing (TWAP). Before tokens become liquid, there will be a one-year lockup period.
Lido DAO Jumps 11.42% – Technical Outlook
Lido Dao is currently trading at $2.66 and has formed an upward channel, according to the technicals. Because ascending channels typically maintain a market’s uptrend, LIDO’s bullishness remains strong. The immediate support level for LIDO is $2.56, and closing candles above this level increases the likelihood of a bullish trend.
On the upside, Lido DAO may attempt to break through 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-jumps-11-42-lido-to-sell-10-million-tokens-to-dragonfly-capital