Lido DAO (LDO) experienced a significant price increase this week, outshining both Bitcoin (BTC) and Ethereum (ETH). However, technical analysis indicates rising bearish pressure on the token.

Over the past 14 days, LDO’s price has surged by 11.6%. The token has a market sentiment rating of 37% and a Fear & Greed Index of 55 (Greed). The Relative Strength Index (RSI) is at 33.47, hinting at a potential dip below the $1.80 mark into oversold territory. The longs/shorts ratio stands at 1.01, with 50.33% long positions and 49.67% short positions in the past 24 hours, showcasing a balance as bulls strive to defend the $1.80 level.

Short-Term and Long-Term Price Predictions

For 2024, technical analysis predicts LDO’s price to range between $3.24 and $4.40, with a possible high of $7.29. Looking further ahead, the long-term outlook for Lido DAO appears positive, with price expectations for 2030 ranging from a minimum of $1,496 to a maximum of $1,810, and an average trading price around $1,578.

Key Developments Driving LDO’s Surge

Several recent developments have contributed to Lido DAO’s price increase. The integration of Kusama liquid staking on the Lido platform enabled KSM holders to stake their tokens and receive stKSM tokens, which are usable across various DeFi networks. Additionally, the Total Value Locked (TVL) on the Lido platform reached a record high of $16.08 billion, driven by increased staked ETH and the growing popularity of liquid staking.

However, the broader market correction has led to widespread panic selling and investor fear, affecting many cryptocurrencies, including LDO.

Currently, Lido DAO is priced at $2.15, with a market capitalization of approximately $1.9 billion based on a circulating supply of 892.9 million tokens. The 24-hour trading volume is $118 million, indicating significant trading activity. Lido DAO is ranked 54th on CoinGecko.

Ethereum Developments Impacting the Market

For Ethereum, key developments such as the SEC’s closure of its Ethereum 2.0 investigation and the upcoming Ethereum Dencun upgrade have generated optimism among investors and analysts. The SEC concluded its investigation into Ethereum 2.0 without filing charges, potentially paving the way for the approval of Ether spot ETFs, which analysts believe could drive Ethereum to new all-time highs, with some forecasting a target of $5,000.

Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0.

Despite the recent price corrections across the board, ETH remains well above the $3k region, currently trading at $3,474. Other Ethereum-related projects, including Lido DAO’s governance token LDO, Ethereum Name Service (ENS), and Maker (MKR), the fourth-largest Ethereum DeFi protocol, have all recorded gains in recent weeks.

The SEC’s indication that it views ETH as a commodity rather than a security is crucial. This clarification helps foster the growth and adoption of cryptocurrencies by establishing a more predictable regulatory landscape.

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