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$3,417.91 -1.26813
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BNB
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$582.80 -1.82437
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Solana
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$172.38 -4.43746
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XRP
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$0.5897810 -3.23956
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Shiba Inu
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$0.0000170 -4.28363
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Pepe
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$0.0000118 -2.60149
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Bonk
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$0.0000277 -9.5715
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XRP
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Shiba Inu
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$0.0000170 -4.28363
Shiba Inu price
Pepe
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$0.0000118 -2.60149
Pepe price
Bonk
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$0.0000277 -9.5715
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Bitcoin
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$66,054.00 -1.85517
Bitcoin price
Ethereum
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$3,417.91 -1.26813
Ethereum price
BNB
BNB (BNB)
$582.80 -1.82437
BNB price
Solana
Solana (SOL)
$172.38 -4.43746
Solana price
XRP
XRP (XRP)
$0.5897810 -3.23956
XRP price
Shiba Inu
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$0.0000170 -4.28363
Shiba Inu price
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Lido DAO price gains amid market-wide dips

lido-dao-price-gains-amid-market-wide-dips
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Markets
Lido DAO price gains amid market-wide dips

Lido DAO (LDO) recorded a notable price surge this week, outperforming both Bitcoin (BTC) and Ethereum (ETH). However, technical analysis of the token shows rising bear pressure.

LDO’s price has increased by 11.6% over the past 14 days.

If the Lido DAO price chart on Trading View is anything to go by, the token has a market sentiment rating of 37% and a Fear & Greed Index registering 55 (Greed). 

The Relative Strength Index (RSI) stands at 33.47, suggesting a potential downturn below the $1.80 mark into oversold territory. The longs/shorts ratio currently sits at 1.01, with 50.33% long positions and 49.67% short positions over the past 24 hours, indicating a balance as bulls attempt to defend the $1.80 level.

Regarding short-term price predictions for 2024, the technical analysis estimates a range between $3.24 – $4.40, with a potential high of $7.29. 

Looking ahead, long-term prospects for Lido DAO appear optimistic, with projections suggesting significant price potential by 2030. Price expectations range from a minimum of $1,496 to a maximum of $1,810, with an average trading price forecasted around $1,578.

Several recent developments have contributed to Lido DAO’s recent price surge. The integration of Kusama liquid staking on the Lido platform allowed KSM holders to stake their tokens and receive stKSM tokens, which are usable across various DeFi networks. 

Additionally, the Total Value Locked (TVL) on the Lido platform achieved a record high of $16.08 billion, driven by increased staked ETH and the growing popularity of liquid staking.

However, the broader market correction has triggered widespread panic selling and investor fear, impacting many cryptocurrencies, including LDO.

At the time of writing, Lido DAO is priced at $2.15. The current market capitalization of LDO stands at approximately $1.9 billion, based on a circulating supply of 892.9 million tokens.

The 24-hour trading volume is $118 million, indicating significant trading activity for the cryptocurrency. Lido DAO is ranked 54th on CoinGecko.

High expectations

For Ethereum, key developments such as the SEC’s closure of its Ethereum 2.0 investigation and the upcoming Ethereum Dencun upgrade have generated optimism among investors and analysts.

The SEC concluded its investigation into Ethereum 2.0 without filing charges. This outcome potentially opens the door for the approval of Ether spot ETFs, which analysts believe could propel Ethereum to new all-time highs. Some forecast a target of $5,000.

Recall in April how the SEC issued a Wells notice to ConsenSys, an Ethereum software development company, regarding potential enforcement actions related to its crypto wallet service, MetaMask, sparking debates over Ether’s classification as security.

In response, ConsenSys filed a lawsuit against the SEC. The commission lacked jurisdiction over Ether, the firm argued, citing a 2018 designation of ETH as a commodity.

ConsenSys also highlighted the recent approval of spot Ethereum ETFs as evidence supporting their stance. 

The SEC’s decision to close the investigation does not exempt Consensys from future scrutiny, raising uncertainties for other cryptocurrencies with similar structures and emphasizing the ongoing necessity for clear regulatory frameworks.

Despite the recent price corrections across the board, ETH still sits well above the psychological $3k region, exchanging hands for $3,474 at press time.

Other Ethereum-related projects include Lido DAO’s governance token LDO, Ethereum Name Service (ENS), and Maker (MKR), the fourth-largest Ethereum DeFi protocol. Each project recorded decent gains in recent weeks. 

While the approval of spot Ethereum ETFs is pending, the SEC’s indication that it views ETH as a commodity rather than a security is pivotal. This clarification is essential for fostering the growth and adoption of cryptocurrencies by establishing a more predictable regulatory landscape.