Lido DAO (LDO) experienced a significant price surge this week, surpassing both Bitcoin (BTC) and Ethereum (ETH) in performance. Despite this positive trend, technical analysis shows that there is increasing bearish pressure on the token.
Over the past 14 days, LDO’s price has risen by 11.6%. According to the Lido DAO price chart on Trading View, the token has a market sentiment rating of 37% and a Fear & Greed Index of 55 (Greed). The Relative Strength Index (RSI) is at 33.47, indicating a potential downward movement below the $1.80 level into oversold territory. The longs/shorts ratio is currently balanced at 1.01, with 50.33% long positions and 49.67% short positions in the last 24 hours.
Looking at short-term price predictions for 2024, technical analysis suggests a price range between $3.24 and $4.40, with a possible high of $7.29. Long-term prospects for Lido DAO appear promising, with projections indicating significant price potential by 2030. Price expectations range from $1,496 to $1,810, with an average forecasted trading price around $1,578.
Recent developments have contributed to Lido DAO’s price surge, including the integration of Kusama liquid staking on the Lido platform and the record-high Total Value Locked (TVL) of $16.08 billion. Despite these positive developments, the broader market correction has led to panic selling and investor fear, affecting various cryptocurrencies, including LDO.
Currently, Lido DAO is priced at $2.15, with a market capitalization of approximately $1.9 billion and a circulating supply of 892.9 million tokens. The 24-hour trading volume is $118 million, indicating significant trading activity. Lido DAO is ranked 54th on CoinGecko.
In other news, Ethereum has seen positive developments, such as the SEC closing its investigation into Ethereum 2.0. This outcome could pave the way for the approval of Ether spot ETFs, potentially driving Ethereum to new all-time highs. Some analysts predict a target price of $5,000 for Ethereum.
Despite previous concerns raised by the SEC, including a Wells notice issued to ConsenSys in April regarding potential enforcement actions related to its crypto wallet service, MetaMask, Ethereum has persevered. ConsenSys filed a lawsuit against the SEC, arguing that the commission lacked jurisdiction over Ether due to its classification as a commodity in 2018.
The SEC’s decision to close the investigation into Ethereum 2.0 does not eliminate future scrutiny for ConsenSys and other cryptocurrencies with similar structures. Clear regulatory frameworks are still necessary to provide certainty in the crypto space.
As of now, Ethereum is trading at $3,474, well above the $3k level. Other Ethereum-related projects like Lido DAO’s governance token LDO, Ethereum Name Service (ENS), and Maker (MKR) have also seen positive gains recently. The potential approval of spot Ethereum ETFs and the SEC’s acknowledgment of ETH as a commodity are crucial for the growth and adoption of cryptocurrencies by establishing a more predictable regulatory environment.