{"id":432223,"date":"2023-08-23T10:58:29","date_gmt":"2023-08-23T10:58:29","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=432223"},"modified":"2023-08-23T10:58:29","modified_gmt":"2023-08-23T10:58:29","slug":"lido-dao-price-prediction-ldo-flat-at-1-64-a-quiet-revolution-in-defi","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/lido-dao-price-prediction-ldo-flat-at-1-64-a-quiet-revolution-in-defi","title":{"rendered":"Lido DAO Price Prediction: LDO Flat at $1.64 \u2013 A Quiet Revolution in DeFi?"},"content":{"rendered":"

Lido DAO’s price has not significantly changed in the last 24 hours. The decentralized finance (DeFi) token<\/a> traded at $1.64 in writing after a slight 0.8% gain in 24 hours.<\/p>\n

However, Lido DAO has not been spared from the downtrend across the cryptocurrency sector, as it has a 5.5% drop in seven days and an 18% drop in the last month.<\/p>\n

Despite this bearish sentiment, Lido DAO could continue playing a significant role in DeFi.<\/p>\n

LDO is among the few tokens trading<\/a> in the green today. In the last 24 hours, LDO has traded between $1.56 and $1.65, indicating mild volatility.<\/p>\n

The buying pressure is weak, which explains the token’s inability to make a bold recovery.<\/p>\n

The uncertainty across the broader cryptocurrency space is behind buyer hesitance as the global crypto market cap has dropped by 0.3%.<\/p>\n

Weak Buying Pressure Impedes LDO’s Recovery<\/h2>\n

The LDO monthly chart shows a gradual price decline. The token witnessed volatility earlier this month, with the most significant drop on August 16, when the price dropped to $1.71.<\/p>\n

On August 1, LDO traded at $1.80.<\/p>\n

Another sharp drop was seen last week. On August 17, LDO was trading at $1.73 before witnessing a massive crash that saw the token drop to $1.52.<\/p>\n

The decline at the time coincided with a bearish sentiment across the crypto market.<\/p>\n

LDO’s market capitalization has also seen a similar decline since the start of the month.<\/p>\n

On August 1, LDO had a market capitalization of $1.6 billion, but it dropped to around $1.44 billion at the time of writing.<\/p>\n

LDO Makes Attempt to Rally<\/h2>\n

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LDO is showing signs of an attempt by bulls to take control<\/a>. The Relative Strength Index (RSI) at 36 shows LDO’s price strength is weak.<\/p>\n

However, the uptrend movement of the RSI line shows buyers entering the market, hinting toward a short-term price gain.<\/p>\n

If bulls overpower the bears, LDO will rally to the 50-day Simple Moving Average (SMA) of $1.90.<\/p>\n

Immense buying pressure could also see the price break past the resistance level indicated by the 100-day SMA at $1.965.<\/p>\n

If the bulls fail in their attempt, the price will likely drop to the immediate support at $1.62.<\/p>\n

Lido DAO Token Unlocks<\/h2>\n

Lido DAO is a significant player in the DeFi sector<\/a>, explaining its recent resilience despite the bearish pressure in the crypto market.<\/p>\n

The liquid staking protocol will undergo scheduled token unlocks<\/a> this week.<\/p>\n

Lido DAO will unlock 8.5 million LDO tokens, $14.2 million, on August 26, equating to 0.97% of the total supply.<\/p>\n

As the unlocks will increase the token supply, it could lead to LDO’s price declining in the days leading up to the event.<\/p>\n

Wall Street Memes Presale Raises Over $25M<\/h2>\n

The Wall Street Memes presale<\/a> has raised more than $25 million as investors flock to be among the early participants in the project.<\/p>\n

The token is currently trading at a presale price of $0.0337.<\/p>\n