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- 1 Lido TVL has seen a surge of more than 100% since the start of this year.
- 2 LDO price’s technical indicators are currently favoring an upward trend. It has seen a drop of % in the LDO/ETH pair.
Lido is a Decentralized Autonomous Organization (DAO) which provides staking infrastructure for various blockchain networks. The platform’s standout feature is the ability to stake ETH and receive stETH in return, which represents the rewards. One can stake ETH, SOL and MATIC on the Lido protocol and receive an average of 4.433% annually. On the protocol, over $13.22 billion of Ethereum has been staked with an annual percentage rate (APR) of 3.8%. Lido protocol also allows users to use their staked tokens through various apps and services integrated with the protocol.
Lido has been observing a surge in its total value locked (TVL) since the start of this year. Its TVL has seen a rise from a low of $6 billion in January, 2023 to a high of $13.3 Billion. The total number of unique users of the protocol has been declining, as per Dune Analytics. However, the revenue generated by the protocol has been seeing a steady rise from the past few months.
The number of whales of Lido token has declined and is near 575 million as per CMC. The volume of the token price has seen a surge of 35%. Meanwhile, V/M ratio of LDO suggests a weak bullish trend.
Is LDO Price Ready To Hit The High Of $3?
The weekly technical chart of the LDO token price suggests a bullish trend in the price. On the daily chart, it has been seeing a strong recovery. Lido token’s price is trading near $1.9 with a gain of 7% in the intraday session.The upward trend of the LDO may observe a halt near the value of $2.2. Meanwhile, the support of the asset price can be seen near $1.5. LDO token price is trading below the 50 and 100 Daily Moving Averages. If price jumps above the DMA, then a strong upward trend can be seen in the future. The RSI of LDO is trading near 47, representing its presence in the neutral zone. The overall sentiment of the indicator suggests a strong upward trend.
Summary
Lido has been observing a surge in its TVL from the past few months. LDO token price is currently seeing a recovery in price and may see a new high in the future.
Technical Levels
Major Support:$2.2
Major Resistance:$1.5
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.
