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The native token of one of Ethereum’s most significant liquid staking platforms, Lido DAO is massively breaking out mid through this week’s trading following the launch of Lido V2. Lido DAP price is up a whopping 16.5% and seems to be on the brink of validating a remarkable rally as investors look toward LDO’s all-time high of $7.30 on August 30, 2021.
Lido DAO Price Rallies Bolstered The Second-Largest Protocol Upgrade
Lido DAO price gets a green rating following the launch of the second most ambitious software upgrade, dubbed Lido V2. According to Lido protocol technical contributors, Lido V2 is designed to push decentralization to the next level.
Two key elements stand out in this upgrade: The Staking Router and withdrawals. The former is a new modular architectural design, allowing anyone to build on-ramps for new Node Operators, starting with solo stakers, Distributed Validator Technology (DVT) clusters to Decentralized Autonomous Organizations (DAOs). The team believes contributions from all these parties combined would create a more diverse validator ecosystem.
The Withdrawals feature has been centered around the upcoming Ethereum Shanghai upgrade to allow stETH holders to withdraw from Lido at a 1:1 ratio. This will see Lido DAO achieve a key milestone of a true open on/off ramping into the Ethereum staking network seamlessly.
Lido DAO is here to give investors an alternative to centralized staking platforms which tend to completely lock liquidity, denying users opportunities to generate more revenue. Moreover, users do not need to run a solo node, which has proved challenging for many. Lido DAO has since the beginning, thrived to provide “the highest standard of security and usability to its users.”
“This proposal is designed to drive a more inclusive, open, and transparent platform whilst building on our core mission to make staking simple, as secure as possible, and keep Ethereum decentralized and censorship-resistant,” Lido protocol technical contributors said in a blog post.
The Staking Router mentioned above is a significant upgrade designed to move the operator registry to a modular and more composable architecture.
“The Staking Router will act as the nucleus of the Lido vision: a platform where stakers, developers, and node operators can collaborate without friction and drive the future of a decentralized Ethereum together,” the team added in a statement.
Will LDO Price Sweep Its All-Time High In 2023?
Lido DAO price has pushed for the resumption of its uptrend following the first significant pullback of the year in the first week of February. A careful assessment of the daily time frame chart gives credit to buyer congestion at $2.00. Following the rejection from resistance posed by the upper falling trend line around $2.80, LDO dropped in search of higher support.
In addition to the buyer congestion at $2.00 absorbing the selling pressure, it ignited the ongoing bullish action above $2.60 as news of the Lido V2 software upgrade reverberated across the market.
A sell signal presented by the Moving Average Convergence Divergence (MACD) indicator toward the end of January has been pushed aside to give way to a call to investors to keep throwing their weight behind Lido DAO price.
Notice how the MACD line in blue has changed its direction to flip above the signal line in red. Traders yet to buy Lido DAO may start as the MACD generally climbs. A break and hold above the upper falling trend line resistance would confirm a long-term uptrend in LDO price.
The next target from this critical hurdle lies at $3.50, which if achieved could propel Lido DAO price to highs above $5.00. Investors will likely keep their positions in LDO amid the fear of missing out (FOMO) on an extended upswing to $7.30.
It is worth mentioning that the optimistic outlook for Lido DAO price may be attributed to the recently formed golden cross. This bullish pattern occurred after the 50-day Exponential Moving Average (EMA) (in red) crossed above the 200-day EMA (in purple).
The golden cross is a highly sought-after technical pattern that traders and investors use to validate a potential breakout. More so, the pattern generally points to a long-term bullish outlook in an asset. Some golden patterns mark the beginning of a bull market, where crypto assets go ahead to trade new all-time highs.
On the other side of the fence, failure to break and hold above the upper trend line resistance could culminate in a trend correction to $2.00. This support has been reinforced by the 50-day EMA on the same daily timeframe chart.
Lido DAO Alternatives To Buy Today
Investors might want to look into other best altcoins to buy for 2023 along with Lido DAO. Our team of experts has carefully selected a number of the best crypto presales for 2023, which could give above-average returns.
We review the cryptocurrencies for this list on a weekly basis to provide you with crypto projects that offer a better risk-to-reward ratio.
The first project in this week’s list is Meta Masters Guild (MMG), whose presale has so far raised $3.40 million in less than two months. Meta Kart racers is a high-profile mobile gaming platform set to flag off this new play-and-earn ecosystem.
Raising approximately $500k a week, the presale is already in stage 6. Investors are currently buying MEMAG, the token powering the ecosystem for $0.021. Less than seven days are left before stage 7 of the presale comes with a price increase to $0.023.
It is worth noting that the presale will close at stage seven ahead of the first exchange listing. As is the case with popular presales, FOMO will likely kick in toward the end of the presale.
Meta Masters Guild already has its first game studio – Gamearound – on board, and it is well advanced in the development of the first product – a racing game called Meta Kart Racers. Meta Kart’s premium versions would be purchased in the Meta Masters Guild NFT Marketplace or unlocked in the game.
?The Meta Masters Guild is at the forefront of the web3 gaming revolution, developing top-notch, blockchain-integrated mobile games?.
Be a part of the future of gaming and join the presale now by clicking the link below!? https://t.co/SBqVjX5mWn#Presale #P2E #Play2Earn
— Meta Masters Guild (@MEMAGgames) February 6, 2023
Users will use MEMAG tokens to gain access to the ecosystem, and rewards will be provided in that currency. Additionally, holders can stake their tokens to generate more rewards as well as trading them with other cryptos.
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- Chiliz Price Prediction for today, February 7: CHZ/USD Grows 22.21% as Price Touches $0.170 Level
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