Lido Analyst Predicts 90% Surge for LDO
The Lido protocol’s native token, LDO, has the potential to surge by up to 90% after breaking a key price point, according to a popular cryptocurrency analyst.
The analyst noted that LDO’s price is forming an ascending triangle on its weekly chart, and traders should watch the $3.3 price level closely as a sustained close above this level could trigger a bullish breakout, potentially causing the price to surge to a new all-time high of $6.
LDO is currently trading at $3.1 after rising over 129% in the past year.
Liquid Staking and Lido
Liquid staking has become a popular method for crypto holders to earn yield while maintaining liquidity. It allows users to receive a tokenized version of their deposited funds on a 1:1 basis, addressing the main drawback of locking tokens. With Lido, users receive a tokenized version of their deposited funds that they can still use on other protocols if they choose to. The protocol supports staking on Ethereum, Polygon, and Solana.
Lido is designed to facilitate decentralized protocol governance and operates a decentralized autonomous organization (DAO) to make key decisions on the protocol’s operations.
Hot Take: Promising Future for LDO
The analyst’s prediction of a 90% surge for LDO suggests a promising future for the native token of the liquid staking protocol Lido. With liquid staking gaining popularity, Lido’s ability to address the liquidity drawback of staking and facilitate decentralized governance positions it for potential growth in the ever-changing cryptocurrency market.
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