Lido DAO (LDO) has established itself as a significant player in the crypto staking domain. Despite its strong performance, Lido has not achieved the same level of recognition as other major networks. Recent data reveals that Lido generated the most fees among all crypto applications, indicating high network activity and consistent user engagement in its staking services.
Over the past week, Lido’s performance has shown mixed results. The Total Value Locked (TVL) on the platform saw a minor decline of 1.70%, amounting to $35.39 billion. This dip is largely attributed to a slight drop in Ethereum’s price. However, there are positive signs, such as a net increase of 19,392 ETH staked, representing a 0.26% rise.
Lido’s staking services are closely linked to Ethereum, attracting a steady flow of stakers. The overall amount of ETH staked on Lido has grown to 9,513,384 ETH. Additionally, the 7-day moving average for ETH’s Annual Percentage Rate (APR) increased by 0.09%, reaching 3.27%. This uptick suggests potential higher staking rewards for Lido users.
Conversely, wrapped stETH (wstETH) trading activity has decreased, with a 7-day trading volume dropping by 19.7% to $1.03 billion. The amount of wstETH bridged to Layer 2 (L2) solutions also fell by 2.86%, while the amount bridged to Cosmos experienced a slight decline of 0.16%. Despite these fluctuations, Lido’s ecosystem remains active and evolving.
Currently, LDO is trading at $2.18, down by 4.11% in the last 24 hours. Trading volume has also dropped by 34.57% in the same period. The network growth around LDO has slowed, indicating a decrease in new addresses engaging with the token. However, the number of addresses holding LDO increases, hinting at a gradual accumulation trend.
Analyst’s Bullish Prediction for LDO
Renowned crypto trader Doctor Profit has provided an optimistic analysis of its price action. He highlighted that investors who followed his earlier recommendation to buy within a specific price range have already seen substantial returns. His analysis suggests a bullish outlook for LDO, forecasting a potential significant breakout to new all-time highs.
Doctor Profit’s weekly chart analysis of LDO/USDT identifies key technical indicators. A support trendline, forming since mid-2022, shows LDO’s price consistently making higher lows. This ascending trendline is crucial, indicating strong support levels. The chart also highlights a critical accumulation zone between $1.75 and $2.00, where buying pressure is higher than selling pressure.
Recently, LDO’s price broke above a horizontal resistance level, marked by a purple line. This breakout is considered a bullish signal, indicating a likely upward trend continuation. Doctor Profit anticipates that this bullish momentum could drive LDO to new heights over the next three to four weeks, fueled by growing excitement around Ethereum and its ecosystem.
While Lido DAO has faced some short-term challenges, its long-term prospects appear promising. The protocol’s strong performance in generating fees and attracting stakers, combined with Doctor Profit’s bullish analysis, suggests that it could be on the verge of a significant upward movement. Investors and stakeholders are keenly watching these developments, anticipating potential gains in the near future.
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