Crypto News

Lido DAO up more than 57% in just one week – more gains on the horizon?

Lido DAO (LDO), the native cryptocurrency of Lido Finance, has significantly increased its total market capitalization, which now stands at $1.25 billion.

This is no longer a surprise as the crypto asset is in the midst of an incredible run that has allowed it to post double digit gains on its intraday, weekly, biweekly and monthly charts.

At the time of going to press, according to coingeckoLDO is changing hands at $1.51 and is up 13% in value over the past 24 hours.

In the past seven days, the digital token is up 56.5% while posting a 60% bi-weekly increase and a 50% monthly increase.

Lido DAO up more than 57% in just one week – more gains on the horizon?, Crypto Trading News

Already in the midst of an impressive performance, some analysts believe that Lido DAO will be boosted thanks to a new upcoming ETH-Upgrades still has room for improvement.

Lido DAO up more than 57% in just one week – more gains on the horizon?, Crypto Trading News

Image: The Crypto Times

Lido is expected to benefit from the ETH Shanghai upgrade

According to a recently published analysis, at the time of writing, Lido Finance is responsible for nearly 30% of all ETH tokens staked, making it the largest liquid staking platform for Ethereum at the moment.

Demand for the platform has been noted to increase dramatically after Ethereum 2022 switched from Proof-of-Work to Proof-of-Stake mechanism.

In addition, the analysis found that the forthcoming Shanghaifork the Blockchain will allow users to withdraw their wagered ETH tokens, which in turn is expected to encourage more people to invest through Lido Finance. This will then increase demand for the project’s native token.

Some experts believe these are just some of the triggers that helped the crypto asset surge more than 55% in just seven days, and will also play a crucial role in the altcoin’s attempt to gain ground continue upward trend.

Lido DAO up more than 57% in just one week – more gains on the horizon?, Crypto Trading NewsLDO Total Market Cap at $1.28 Billion on Weekend Chart | Chart: TradingView.com

… But LDO could lose momentum

While things are looking good at the moment, there is still a chance that LDO could enter a price correction phase that will not only halt its bullish move but also cause it to lose most if not all of its current gains.

LDO is currently in a overbought territory and a point at the psychological take profit zone, pointing to intense selling pressures ahead.

There is also a noticeable drop in the number of LDO tokens held by the top names, suggesting whales are selling their holdings. This is to be expected given the massive surge that Lido DAO has seen over the past few days, giving investors an opportunity to take profits.

Unless these conditions change, there is a high possibility that the crypto asset’s incredible run will come to an abrupt end and it will return to its previous bearish trajectory.

– Featured image: Coinpedia

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button