LDO Price Prediction: Will Lido Dao Keep on Rising towards a New All-Time High?
Lido DAO (LDO) rose about 178% during last year, and in its first month of 2024, it has already seen about 9.71% gains. The price surge of LDO could be attributed to many reasons. Let’s dive into our LDO price prediction and forecast to see it’s upside (and downside).
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LDO Overview
In mid-December 2023, the Lido DAO community gave the green light for the development of a Community Staking Module. An update on this new feature was shared on January 19.
The staking platform is gearing up to provide additional information about rewards, penalties, and staking allocation.
These details about validator exits will be disclosed before the official mainnet launch, scheduled for the second half of 2024.
Lido DAO’s Community Staking Module
Lido DAO aims to make Ethereum more decentralized, and right now, it has one module operated by 37 staking providers. To further boost decentralization, the Community Staking Module will allow more operators to join without needing permission.
This module brings good news for Lido DAO stakers. They will be rewarded with Ether (staked Ether stETH) without involving other digital assets. Node operators will enjoy a user-friendly experience, lower gas fees, and more potential rewards.
The Community Staking Module is set to go through testing in Q2 2024. Meanwhile, the mainnet launch is expected between Q3 and Q4 of 2024. The LDO token associated with Lido DAO might benefit from these changes.
See related crypto forecasts for: ZynCoin | XLM | AXS
LDO Price Prediction: Positive Upside Signals with $5 as Target Price
The current daily price chart of LDO/USD suggests the potential for an upcoming uptrend.
Presently, the market is trading at $2.917, having already breached the trendline and exhibiting a curvilinear pattern. According to this pattern, there exists the possibility of prices reaching a new all-time high of $5 and beyond.
Additionally, the bullish LDO price prediction is supported by the EMA Cross. This is because the 50 EMA line (red) is positioned above the 200 EMA line (blue).
Concurrently, the Stochastic Oscillator indicates a potential price reversal as it has breached the oversold region and is pointing upwards.
Should prices continue to ascend, the initial resistance is situated at $3.234. A break and close above this level would likely propel prices towards the all-time high of $3.791.
Subsequently, surpassing this level could pave the way for further upward movement towards the target price of $5. This level represents a substantial 73% increase from the current level.
LDO price prediction: Bearish alternative
Conversely, a decline in prices may find initial support at $2.465. A breach and close below this level would trigger the next support at $1.998.
This marks a decline of approximately 30% from the current price. Additionally, the 200 EMA line may offer support if prices fall below the curvilinear pattern.
Given this LDO price prediction, it is recommended to exercise caution and await confirmation of a breakthrough past the initial resistance level.
Only after such confirmation should consideration be given to entering into a long position.
It’s also worth noting that a general crypto pullback was to be expected after the approval of the BTC spot ETF. Once, people start reinvesting at lower prices, this could have a net positive to other tokens like LDO.
Summary: Should you buy LDO?
With community staking launched, Lido Dao can take the next step in its blockchain journey.
However, in the crypto world, we know even good projects are susceptible to downturns.
The technicals of LDO suggest nice upside ahead.
Other crypto analysts, like Unknown Trader on X, also seem to be flagging some good upside for LDO.
With positive sentiment, fundamentals and technicals, this seems like a good project to add to your watchlist.
