As the price of Lido DAO (LDO) surges, trading volume is bullish.
The Liquid Staking Protocol observed an 8.9% surge in total value locked (TVL).
Lido DAO’s LDO, a well-known Liquid Staking Token (LST), has seen a 20.8% price increase over the past 24 hours, making it one of the top three cryptocurrencies to gain value. Notably, the LST hit a new 38-day high of $1.446.
The entire US election situation has pushed Bitcoin to a new all-time high (ATH) and subsequently led to a recovery in the altcoin market. Green candles and significant gains are dominating the cryptocurrency market today. Notably, LDO’s price surge is supported by a bullish rise in trading volumes. In the past 24 hours, LDO’s daily trading volume has surged by 176.61% to $305.5 million.
Amid this rally, the LDO market has seen massive whale transfers in the past 12 hours. Paradigm Capital moved its entire 70 million LDO holdings in two transactions. The firm accumulated these tokens in May 2021, according to Lookonchain data.
Meanwhile, the total locked value (TVL) in liquidity staking protocols has increased by 8.76% in the past 24 hours. According to DefiLlama, TVL jumped from $23.7 billion to $27.72 billion.
Let’s dive deeper into Lido DAO price increase analysis and the factors supporting its current rise.
Lido DAO (LDO) 24-hour price analysis
At the time of analysis, LDO was trading at $1.37 with a market cap of $1.22 billion. As mentioned earlier, the altcoin’s price surge was accompanied by a bullish trend in trading volume. This is evident from the pattern displayed by the On Balance Volume (OBV) indicator on the daily LDO price chart. The OBV appears to be on an upward trajectory, indicating rising buying pressure, which supports a potential bullish rally.
Analyzing Fibonacci retracements is crucial to understand and predict the fate of LDO’s bullish momentum. If the coin fails to hold the support at $1.244 (38.2% Fib level), the uptrend will start to weaken. Moreover, the bearish movement could trigger a drop towards critical support levels such as $1.119 (61.8% Fib level) and $1.030 (78.6% Fib level).
On the other hand, other tokens from this liquidity staking protocol (stETH, WSTETH, and stMATIC) have also seen significant price increases. Lido Staked ETH (stETH) briefly rose 7.2% to $2,814. Lido wstETH (WSTETH) surged 7.95% to $3,333, while Lido Staked Matic (stMATIC) gained 5.2% to $227.31.
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Lido is the leader in liquidity staking and is also the No. 1 DeFi protocol in the entire network with a total locked value of US$27.524 billion. The Lido governance token $LDO rose by as much as 38.41% yesterday.
Lido (LDO) is a unique decentralized autonomous organization (DAO) and liquid staking protocol that has emerged in the Ethereum ecosystem, solving the 32 ETH staking threshold for Ethereum staking. This innovative protocol allows users to stake any amount of ETH and maintain liquidity through stToken tokens, making Lido one of the most watched cryptocurrencies.
Lido simplifies the staking process while maintaining the liquidity of the staked assets. Through Lido staking, users can obtain stETH, a token that represents the value of the ETH they staked, including rewards. Moreover, stETH can be used on various DeFi platforms like ordinary ETH, fully demonstrating the advantages of ERC-20 tokens.
In addition, Lido has expanded its support beyond Ethereum to include other proof-of-stake blockchains such as Polygon, Solana, Polkadot, and Kusama, providing investors with a variety of options. This means you can hold ERC-20 tokens while earning passive income to protect against inflation.
