Lido Dao price spikes 13% amid strong LSD narrative

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  • The Lido Dow (LDO) price was up more than 13% in the past 24 hours as of Sunday at 3:30 PM ET.
  • The upcoming Ethereum upgrade LDO is gaining momentum after recovering from a low of $2.72 amid improved sentiment around Shanghai.
  • LDOs could witness a strong upward move amid gains from liquid staking solutions.

lido dao Prices have gained 13% in the past 24 hours, recouping losses following a negative market reaction to the recent higher than expected US Personal Consumption Expenditure (PCE) index.

But after the cryptocurrency edged higher at key support levels following a dump on news of the Fed’s favorite inflation tool, lidao dao native token LDO is leading the liquid staking token.

LDO price hits 6-month high amid LSD positivity

On Sunday afternoon, the Lido Dow token rose from a 24-hour low of $2.72 to $3.16, the highest price since August 2022.

The coin pared gains as bitcoin recovered above $23k amid fresh strength at the key support level. But Lido’s double-digit gain was the largest among the top 30 cryptocurrencies by market cap.

Even as the rates environment remains a sticking point for bulls in equities and crypto, LDOs and other liquid staking derivatives (LSDs) are likely to ride a major upcoming crypto event. This is because the much anticipated Ethereum Shanghai upgrade is now only a few days away.

The recent crackdown on centralized staking services by the US Securities and Exchange Commission (SEC) is also likely to help LDOs. While regulatory uncertainty remains a major issue for all crypto, action against CeFi players could prove beneficial for decentralized staking solutions. Lido Finance knows this.

In fact, Lido saw its largest daily inflow of staked ether (ETH), according to on-chain details shared by Cryptomium, a Web3-focused research group.

The pseudonymous crypto trader and analyst Pentoshi says that LDO is likely to have a strong move as LSD is gaining momentum in the uptrend.

With the price now above $3, continued upside momentum could target $4.00 and then $5.00 in March as Ethereum holders begin to use the staked ETH withdrawal.

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