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- 1 Lido Finance is observing a continuous rise in TVL since the fall of FTX in NOV 2022.
- 2 LDO price bulls are not favoring an upside trend in price. It has seen a loss of $2.8% in the intraday session
Lido Dao is a liquid staking solution for Ethereum which gained popularity among users for no minimum deposit. It also gives users a way to participate in the on-chain activities without maintaining the infrastructure needed. Lido was launched as a staking platform in Dec 2020 with a 1 Billion supply of LDO tokens. Meanwhile, currently, 87.9% of the total supply is circulating in the market. Lido has observed an exponential rise in the total holders and addresses from the past few months as per Dune Analytics. The drop in overall transactions from Feb 2023 to April 2023 is around 50%.
If we look at the TVL of Lido Dao it has surged more than 100% since the FTX collapse while others are struggling. The TVL of LDO has surged from $6.339 Billion to $13.33 Billion from November 2022 to May 2023. The revenue of Lido has not seen so much increase as compared to TVL.
Lido Dao is currently ranked 32nd in the crypto-verse and has a market cap of $1.84 Billion. The median APY of the protocol has not seen any significant changes in the past few months. The current V/M ratio of LDO suggests a weak bearish trend.
Is LDO Price Ready to Recover For $2.5?
LDO price is currently observing a lot of struggle between the bulls and bears on the weekly chart. On the daily chart, the Lido Dao price is trading in a bearish momentum. It is currently trading near the value of $2.09 with a small drop in the intraday session. Lido Dao Price will observe a halt in case of an upside trend near $2.4.Meanwhile, the support of the asset price can be seen near $1.95 to $2.The asset price is trading below the 50 and 100 Exponential Moving Averages. There can be a negative crossover in the future which can push the price further down.
The RSI of LDO is near 50 suggesting its presence in the neutral zone.There is no slope in it hinting towards a consolidated trend.
Summary
Lido Finance has been seeing a strong surge in the TVL. LDO price is currently in a consolidated trend but can see a new high in the future.
Technical Levels
Major Support:$1.95
Major Resistance:$2.4
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
