Lido DAO Price Rises Amid Market-Wide Declines

Lido DAO (YES) saw a notable price rise this week, outperforming both Bitcoin (BTC) and Ethereum (ETH). However, technical analysis of the token shows increasing bearish pressure.

LDO price increased by 11.6% over the last 14 days.

If the Lido DAO price chart on Trading View is to be believed, the token has a Market Sentiment Rating of 37% and a Fear and Greed Index registering 55 (Greed).

The relative strength index (RSI) stands at 33.47, suggesting a potential decline below the $1.80 mark into oversold territory. The long/short ratio currently stands at 1.01, with 50.33% long and 49.67% short over the past 24 hours, indicating balance as the bulls attempt to defend the 1 level. $.80.

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

Looking ahead, the long-term outlook for the Lido DAO appears optimistic, with projections suggesting significant price potential through 2030. Price expectations range from a low of $1,496 to a high of $1,496. $810, with an expected average price around $1,578.

Several recent developments have contributed to the recent Lido DAO 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 on various DeFi networks.

Additionally, the total value locked (TVL) on the Lido platform reached an all-time high of $16.08 billion, driven by the increase in ETH staked and the growing popularity of liquid staking.

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

At the time of writing, Lido DAO costs $2.15. LDO’s current market capitalization 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 second concluded its investigation into Ethereum 2.0 without filing a complaint. This result potentially opens the door for the approval of Ether spot ETFs, which analysts say could propel Ethereum to new all-time highs. Some predict a goal of $5,000.

Let us recall in April how the SEC issued a Wells notice to ConsenSys, an Ethereum software development company, regarding possible enforcement actions related to its crypto wallet service, MetaMask, sparking debates over the classification of Ether as a security.

In response, ConsenSys filed a trial against the SEC. The commission did not have jurisdiction over Ether, the company argued, citing a 2018 report. designation of ETH as a commodity.

ConsenSys also pointed to the recent approval of Ethereum spot ETFs as evidence supporting their position.

The SEC’s decision to close the investigation does not absolve Consensys from further review, raising uncertainties for other cryptocurrencies with similar structures and underscoring the continued need for clear regulatory frameworks.

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

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

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

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