lido dao LDO price reached its highest point since Jan. 24 after developers revealed the next steps towards Ethereum’s Shanghai upgrade. LDO crypto reached a high of $2.63, up almost 40% from this year’s low.
Lido reveals V2 plans
has become the biggest player in the lido decentralized finance (DeFi) with a total value locked (TVL) of over $8.7 billion. Most of these properties are in Ethereum, followed by Polygon, Solana, Polkadot, and Kusama. The total market cap of Lido Staked ETH is over $5.6 billion.
LDO price has been performing well over the past few months as people will be able to withdraw their staked ETH due to the upcoming Shanghai upgrade. In a statement, the developers said that they will implement Lido V2 continues as the road to decentralization. This will be the largest upgrade in the history of the project.
As part of the upgrade, Lido will introduce a staking router and withdrawals. With staking routers, anyone will be able to develop an on-ramp for new node operators. The goal of this upgrade will be to create a more diverse validator ecosystem.
The next part will be on withdrawals, where stETH holders will be able to withdraw to Lido at a 1:1 ratio. There will be two modes of this feature: Turbo and Bunker mode. Turbo’s extraction will be implemented more quickly by automating the tooling for node operators and protocols. Bunker mode will be implemented in case of disaster.
Hence, the next few weeks will be crucial for LDO and LDO prices. Analysts expect the Shanghai upgrade to happen in March or early April. Because Ethereum is the most dominant part of Lido, we may see more activity before then. as we wrote HereLido will distribute LDO rewards through the Aave v3 Liquidity Pool.
Lido DAO Price Prediction
The LDO crypto price reached a high of $2.65 on Tuesday, which was the highest point since January 24. As it increased, it moved above the important resistance point at $2.52, which was the highest point on February 2. It also moved above the 50-period. moving average. The Relative Strength Index (RSI) is approaching the overbought level.
Therefore, Lido’s outlook is bullish, with the next reference level at $2.85, which is the highest point of this year. This price is about 12 percent above the current level. A break below the $2.30 support will invalidate the bullish view.
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