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LDO Coin Price: Uptrend Continues as the Bulls Are Active

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LDO Coin Price: Uptrend Continues as the Bulls Are Active
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Ethereum transitioned from a Proof-of-Work blockchain to a Proof-of-Stake platform at the end of 2022. With the new system, people could add blocks to the blockchain by staking ETH, which involves setting aside cryptocurrency in return for rewards.

However, staking a coin or token means that it is taken out of use, which may create an issue for those who want to make use of their crypto holdings. This gap in the market gave rise to the need for a platform that allows people to stake cryptocurrencies without losing access to them.

Lido DAO’s Unique System

This is where Lido DAO comes in. Lido DAO offers a system called Liquid Staking, which allows people to stake ETH and receive stETH as compensation. The value of stETH is equal to the deposited amount of ETH. It can be transferred, traded, or used in decentralized finance (DeFi) applications. 

Initially, Lido DAO was designed to cater to ETH stakers, but it has evolved to enable participation from people staking SOL, KSM, and MATIC. Users staking these cryptocurrencies receive stSOL, stKSM, and stMATIC tokens, respectively, which function similarly to stETH, offering comparable benefits.

Moreover, Lido DAO allows people to stake less than the minimum amount required by Ethereum. This enables them to participate and potentially turn a profit with less crypto.  Lido DAO has its native token called Lido DAO crypto. The token gives holders votes on changes to the network and can be bought, sold, and traded on exchanges.

Prediction of LDO Coin Price 

LDO Coin Price: Uptrend Continues as the Bulls Are Active
LDO/USDT chart by TradingView (Daily time frame)

The price of the LDO coin price is expected to rise to the second resistance level of $3.02 as the bullish momentum is strong. The bulls have taken control and pushed the price above the 50-day EMA, currently sitting at $2.16, while the support level of $2.08 is providing a strong base for the LDO bulls.

LDO Coin Price: Uptrend Continues as the Bulls Are Active

The second support level of $1.66 has proved to be a good demand zone for the coin. Furthermore, the bulls have achieved another significant milestone of breaking the resistance level of $2.24. This suggests that the price volatility has been favoring the bullish side for the past few months.

PivotClassicFibonacciCamarillaWoodie
S30.361.302.100.94
S21.301.662.181.33
S11.831.882.271.88
P2.242.242.242.27
R12.772.602.442.83
R23.182.822.533.21
R34.123.182.623.77

Conclusion

Lido DAO offers a system called Liquid Staking, which allows people to stake ETH and receive stETH as compensation. It also allows people to stake less than the minimum amount required by Ethereum. The current price action in the LDO coin is bullish as the coin is on an uptrend.

Technical Levels

  • Support Levels: $2.08 and $1.66
  • Resistance Levels: $2.53 and $3.02
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

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