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Lido prices showed a strong setback over the weekend after showing a strong recovery throughout the week. LDO tokens are trading at $ 0.6980, just below the weekly high of $ 0.8790. That price was the highest Lido had since June 16th.
Lido DAO is one of the largest players in the Decentralized Finance (DeFi) industry. This plays an important role in allowing investors to be interested in the assets they bet on. For example, Ethereum holders can benefit more from their assets by holding them.
Lido DAO supports many smart contract platforms such as Ethereum, Solana, Kusama, Polkadot and Polygon. Before TerraUSD lost the pegs in May of this year, he was also the leader of Terra. Currently, the network is shrinking on the platform.
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It’s unclear why Lido’s prices have skyrocketed in the last few weeks. One possible reason is that investors are slowly returning to the platform. According to Dune Analytics, the total value trapped in Lido surged 17% this week. It is currently over $ 5.36 billion.
Lido’s TVL surge was primarily due to Bitcoin’s surge to $ 22,000 and cryptocurrency prices relatively strong this week. Another reason is the relatively strong influx into Lido DAO these days. For example, the bid share of ETH increased by 31%.
Another reasonLDO price What has recovered is that stETH is slowly regaining the pegs. This is a remarkable development given that the coin recently lost its pegs. It was also affected by the recent crashes of Celsius and Three Arrows Capital.
Looking at the 4-hour chart, we can see that the price of Lido DAO has been favorable in the last few weeks. In the process, the coin surpassed the key resistance point of $ 0.7345, the highest level since June 25th. In addition, it rose to the highest point in more than 3 weeks.
The price is above the Ichimoku cloud and the 25 and 50 period moving averages. Therefore, as the Bulls are targeting its key resistance point of $ 0.9454, it may continue to rise for the next few days. This view is confirmed when Lido DAO exceeds the weekly high of $ 0.8745.
Post-Lido Price Forecast: Is It Safe to Buy an LDO Dip? First appeared in the Coin Journal.
