Lido DAO Price Prediction: LDO Skyrockets by 5% - What's Pushing Its Boundaries?

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Lido DAO (LDO) price has liquidated almost $90,000 short positions after peeking 5% to the current price of $1.522. However, the gains would be much more, save for a rejection from the 50-day Exponential Moving Average (EMA) at $1.601. This translates to profit taking, with traders who bought LDO at the floor price of $1.457 cashing in for quick rewards.

Before a deep dive into the price potential for Lido DAO, here is a quick exploration of what could be pushing LDO boundaries.

Lido DAO Yanks 5%, Why?

Lido DAO price’s 5% uptick can be attributed to the hype surrounding the Lido Node Operator Community Call (NOCC) #10. The event has drawn liquidity into the network, as the crypto community bought into the “Ethereum Wave 5 Onboarding Update”.

Lido Node Operator Community Call #10 is coming up tomorrow at 17.00 UTC 🏝️

1⃣ Ethereum Wave 5 onboarding + DVT Testnet #3
2⃣ @Nero_Eth: Ethereum ReOrg Dashboard / Statistical Analysis
3⃣ @NethermindEth: Phase 2 Research Update
4⃣ @cubistdev: Secure Key Management Solution pic.twitter.com/8UbpUe8QR8

— Lido (@LidoFinance) September 25, 2023

As indicated in an official blog, the network is coming out of a vote to onboard node operators. The completion of the Wave 5 onboarding round saw nine new node operators join the Lido set. The idea of having Lido on Ethereum has inspired confidence among LDO holders, with the ETH blockchain famous for security, speed, smart contract capabilities, and affordability.

[b] Lido #DVT Testing

Another round of DVT testnet (actually 3rd!) with @ObolNetwork and @ssv_network is coming this autumn! It will be focused on solo and community stakers and happen on new Ethereum testnet, #Holesky.

Feel free to apply via 🔗 https://t.co/SZ3IpShScJ pic.twitter.com/rfQV6ls5Nb

— everstake.eth (💙,💛) (@eth_everstake) September 27, 2023

More specifically, investors look to capitalize on the latest sensation in the Ethereum community, the Holesky testnet. Launched mid-September in commemoration of The Merge event, the Holesky network premiered, promising to become the largest test network in Ethereum with up to 1.46 million validator nodes.

The launch was an upscale, considering the current size of the leading network at a meager 700,000. With the integration, the LDO community walks alongside the Ether community towards the highly anticipated ETH 2.0 vision. This is a space where the blockchain is more scalable and secure, thereby passing as a bullish fundamental.

For the layperson, Lido developers will be able to test infrastructure and upgrades more intensely. It will be easier to identify scaling issues right from the testnet so that developers can sort them out before deployment. Previously, issues would be spotted as late as when the issues were presented on the mainnet.

Lido DAO Price Prognosis With RSI At Inflection Point

With the current outlook, the Relative Strength Index (RSI) momentum indicator is at an inflection point. It could either breach the 50 level to continue the uptrend or bounce south, rejecting this midline.

After the slump that began around mid-July, Lido DAO price is nurturing what appears to be a recovery rally, not an uptrend. The rejection from the 50-day EMA at $1.601 seems limiting but could be overcome as long as the RSI continues north. Interestingly, it had just activated a buy signal when it crossed above the signal line (yellow band). This increases the odds for a continuation, bolstered by the deep green histogram bars of the Awesome Oscillator (AO).

Unless profit takers pull the trigger, Lido DAO price could overcome the 50-EMA and confront the $1.643 resistance level. Further north, the fair value gap (FVG) is a magnet for the price, representing an inefficiency that must be filled. This will happen once LDO tags into the order block either fully or partially by overcoming the 100-day EMA at $ 1,729.

For a confirmed uptrend, the price must break through this zone’s consequential encroachment (midline) at $ 1,778. In highly ambitious cases, the uptrend could push LDO into the $2.000 psychological zone, potentially reaching the $2.092 forecasted target.

On the other hand, a rejection from the 50-EMA could see Lido DAO price retract towards the support floor at $1.457. Considering the position of the RSI below 50 and the AO still in the negative zone, this thesis is also plausible.

On-chain Metric: GIOM

On-chain metrics from data aggregator IntoTheBlock’s Global In/Out of the Money (GIOM) show that Lido DAO price faces stronger resistance than support. For the short term, any efforts to push the price higher would be countered by intense selling pressure from 3,570 addresses that bought approximately 35.73 million LDO tokens at an average price of $1.65.

This leaves the less conservative longs with up to 10% room above the current price before seller momentum strongly kicks in. However, the take-profit level remains around the 50-day EMA at $1.601 for the more conservative ones.

LDO Alternative

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