Lido DAO Price Rises 10% To $2.65

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Lido DAO price has been on an uptrend since the start of the New Year, rising 181% to the current level at $2.65. The liquidity staking token is up 9.97% on the day, days after the team launched Lido V2. This has sparked the interest of investors in LDO who are optimistic that the latest developments may scale the price higher. 

Lido V2 Launch Fuels LDO Price

The launch of the second biggest software upgrade on the Lido protocol provides the tailwinds required to seal LDO’s uptrend. According to Lido protocol technical contributors, Lido V2 is designed to push decentralization to the next level.

Two key features come with this upgrade: The Staking Router and improved Withdrawals. The Staking Router is a new modular architectural design, allowing anyone to build on-ramps for new Node Operators, starting with solo stakers, Distributed Validator Technology (DVT) clusters to Decentralized Autonomous Organizations (DAOs). It is expected that contributions from all these parties would create a more robust validator system. 

The Staking Router is a very significant upgrade designed to move the operator registry to a modular and more composable architecture. According to the team:

The Staking Router will act as the nucleus of the Lido vision: a platform where stakers, developers, and node operators can collaborate without friction and drive the future of a decentralized Ethereum together.

According to the announcement, improvements on the  Withdrawals feature have been centered around the upcoming Ethereum Shanghai upgrade designed to allow stETH holders to withdraw Ether from Lido at a 1:1 ratio. This will see Lido DAO achieve a key milestone of a true open on/off ramping into the Ethereum staking network seamlessly.

Lido DAO Price Trajectory to $0.35 Is Intact

LDO has been on an uptrend for more than six weeks now turning key levels into support. The price has formed a series of higher highs and higher lows leading to the appearance of an ascending parallel channel on the daily chart (below). This gives the token a bullish rating as long as it continues to trade within the confines of the rising channel.

As such, increasing demand pressure from the current levels would bolster the price higher past the middle boundary of the governing chart pattern to tag the upper boundary at $3.11. This would form a double top that could lead to a massive correction, given that the price was once rejected from this level in August.

If bulls are strong enough to overcome the said barrier, they would make a run for the $3.5 psychological level. This would set LDO into new price discoveries after rising 31.5% from the current price.

LDO/USD Daily Chart

LIDO DAO Price Chart - Feb 15
TradingView Chart: LDO/USD

This bullish outlook was supported by the upward-facing moving averages and the position of the Relative Strength Index (RSI) in the positive region. The price strength at 60 suggested that there were more buyers than sellers in the market.

Also supporting the upside for the Lido DAO price was the robust support that the token enjoyed on the downside. These were demand areas defined by the lower boundary of the prevailing chart pattern at $2.35 and the $2.0 psychological level, embraced by the 50-day Simple Moving Average (SMA). Other lines of defense are at the 100-day and 200-day SMAs at $1.55 and $1.70 respectively as well as the $1.31 support level.

On the downside, a daily candlestick close below the lower boundary of the channel at $2.35 would invalidate the bullish thesis. The Lido DAO price may then fall, revisiting the support areas described above on its way down.

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Source: https://insidebitcoins.com/news/lido-dao-price-rises-10-to-2-65-where-next-ldo