LDO Price Prediction: LDO Rises 15% to $3.02 as a Treasury Proposal for Cryptocurrency Transactions. Where Next Lido Dao?

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On Wednesday, the governance token of Lido DAO, LDO, saw an increase of 15% following the submission of a proposal by its financial unit regarding the management of the $30 million worth of ether held in its treasury.

Treasury Proposal by Lido Dao Causes Surge in Value of Governance Token (LDO)

Lido DAO, the biggest Ethereum staking service provider, has recently sparked interest in the crypto world after issuing a vote regarding using its $30 million worth of ether. Lido DAO’s Governance Token LDO has jumped in value in response to the proposal, causing excitement amongst investors.

Lido DAO’s Governance Token LDO Jumps on Treasury Proposal
The largest Ethereum staking service provider’s DAO has issued a vote over what it should do with its $30 million worth of ether.#dao #daonetv #daoko #daor #daoism #Daoneradionyc #Daoathlete pic.twitter.com/d7Tm38c1TT

— PampaPro Official (@PampaPro_O_M_G) February 22, 2023

The proposal relates to how the DAO should handle its treasury, which is currently around $30 million worth of ether. The DAO has presented three options to its community members: continue to hold the ether, convert it into other cryptocurrencies, or invest it in other DeFi projects.

As a result of this proposal, Lido DAO’s Governance Token LDO has seen a significant increase in value, indicating that investors are optimistic about the project’s future. This demonstrates the power of decentralized governance and the ability of stakeholders to have a say in the future direction of a project.

LDO Market Price Records An 8.5% Rise

Lido DAO’s governance token, LDO, has exhibited an impressive performance over the past 7 days, increasing its price by 8.50%. This has outperformed the global cryptocurrency market, which has only seen a 2.50% increase in value during the same period. Furthermore, Lido DAO has also outperformed other Ethereum Ecosystem cryptocurrencies, which have only experienced a 0.50% price increase.

At the time of writing, Lido DAO’s governance token, LDO, is trading at $3.08, with a trading volume of $276,430,851 over the past 24 hours. The token has experienced a notable increase in value, rising by 15.60% within the last 24 hours. With a circulating supply of 850 million LDO tokens, the market capitalization of Lido DAO currently stands at $2,602,270,933.

The price LDO records an all-time high of $7.3, which has since August 2021 been on a descending trend to settle at $1.8.

LDO Technical Indicator Analysis

According to the chart above, the Lido DAO token shows a strong bullish trend. LDO is trading above the 200-day and 50-day simple moving averages, signaling BUY for the past 48 and 53 days, respectively.

Furthermore, the price of Lido DAO on the 200-day SMA will continue to rise over the next month and reach $1.83 by the end of March. Similarly, the short-term 50-day SMA may reach $2.79 near the end of Q1 2023. The crossover at $2.37 clearly indicates the bullish trend’s continuation. Should the price retrace, the 50-day moving average might act as a minor support. However, the price might bounce around on the 200-day moving average at $2.07.

The Relative Strength Index (RSI) momentum oscillator, which signals whether a cryptocurrency is oversold or overbought, trades above the 50-level mark at 57.41. This value indicates that the LDO market is in a neutral position. The bull run might be inevitable if the price continues to trade above 57.41.

LDO Price Prediction: LDO/USD Daily Chart Analysis

LDO/USD is trading in an upward channel from its bottom at $0.85. However, it has hit a resistance level, forcing the price of LDO to drop slightly. The critical resistance level has also formed a double top pattern, indicating the price will drop. However, the daily buy candle shows the buy price heading to retest the resistance.

The buying trend will be inevitable if the price breaks above the resistance level. Possible key resistances might be $4.2 and $4.5, respectively. Based on the technical analysis above, we can predict that the price of LDO will reach $4 over the next month.

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