read DAO(I am doing) recorded a significant price increase this week, outperforming both Bitcoin (BTC) and Ethereum (ETH). However, technical analysis of the symbol shows rising downward pressure.
LDO price is up 11.6% in the past 14 days.
If the Lido DAO price chart on Trading View is any indication, the token has a market sentiment rating of 37% and a Fear and Greed Index score of 55 (Greed).
The Relative Strength Index (RSI) stands at 33.47, indicating a possible pullback below the $1.80 level in the oversold territory. The buy/sell ratio currently stands at 1.01, with 50.33% long positions and 49.67% short positions over the past 24 hours, indicating balance as the bulls attempt to defend the $1.80 level.
Regarding the short-term price forecast for 2024, technical analysis estimates a range of $3.24 – $4.40, with a possible high of $7.29.
Looking to the future, the long-term prospects for Lido DAO appear optimistic, with forecasts pointing to significant price potential by 2030. Price forecasts range from a minimum of $1,496 to a maximum of $1,810, with an average trading price expected to be around $1,578.
Several recent developments have contributed to the recent rise in Lido DAO prices. The integration of Kusama Liquid Saging on the Lido platform allowed KSM holders to stake their tokens and obtain stKSM tokens, which can be used across different DeFi networks.
Additionally, the total value locked (TVL) on the Lido platform reached a record $16.08 billion, driven by increasing ETH stakes and the growing popularity of liquid staking.
However, the broader market correction sparked widespread panic selling and investor fears, impacting several cryptocurrencies, including LDO.
At the time of writing, the price of Lido DAO is $2.15. LDO’s current market capitalization is 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 54 on CoinGecko.
High expectations
For Ethereum, major developments such as the SEC closing its investigation into Ethereum 2.0 and the upcoming Ethereum Dencun upgrade have generated optimism among investors and analysts.
The Securities and Exchange Commission has ended its investigation into Ethereum 2.0 without filing any charges. This result potentially opens the door to the approval of Ethereum ETFs, which analysts believe could push Ethereum to all-time highs. Some expect a goal of $5,000.
Recall in April how SEC Issued Wells’ notice to ConsenSys, an Ethereum software developer, regarding potential enforcement actions related to its cryptocurrency wallet service, MetaMask, sparked controversy over whether Ethereum should be classified as a security.
In response, ConsenSys filed a lawsuit with the Securities and Exchange Commission. The company said the commission lacks jurisdiction over Ethereum, citing Ethereum’s classification as a commodity in 2018.
ConsenSys also highlighted the recent approval of Ethereum ETFs as evidence supporting its position.
The SEC’s decision to close the investigation does not absolve Consensys from future scrutiny, raising doubts about other cryptocurrencies with similar structures and underscoring the continued necessity of clear regulatory frameworks.
Despite recent price corrections across the board, ETH remains well above the $3K psychological zone, trading for $3,474 at press time.
Other Ethereum-related projects include the Lido DAO governance token I am doingEthereum Name Service (Anas), and the manufacturer (Poor), the fourth largest Ethereum DeFi protocol. Each project has recorded good gains in recent weeks.
While approval of Ethereum ETFs is pending, the SEC’s indication that it views Ethereum as a commodity rather than a security is pivotal. This clarification is necessary to promote the growth and adoption of cryptocurrencies by creating a more predictable regulatory landscape.
