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Analyst Predicts 76% Lido DAO Rally If This Ascending Triangle Break Happens

An analyst has explained that Lido DAO (LDO) could rally toward a new all-time high of $6 if a sustained breakout above this pattern occurs.

Lido DAO Has Been Forming An Ascending Triangle Recently

In a new post on X, analyst Ali discussed an Ascending Triangle that has been taking shape in Lido DAO’s weekly price chart. An “Ascending Triangle” is a pattern in technical analysis that, as its name suggests, has a triangular shape.

This pattern has two main lines: an upper level that’s horizontal (that is, parallel to the time-axis) and a lower level with some finite slope. The former connects highs in the price, while the latter is created by joining higher lows.

Like any other such pattern, the upper level is likely to resist the price, while the lower level can be a potential support point. As the lower line here slows upwards, this consolidation channel gets narrower as the price moves forward.

A break out of either of these levels can be significant, as it can suggest a continuation of the price trend in that direction. Naturally, a break above the triangle can be positive for the price, while an exit below indicates the breakdown of the bullish pattern.

There is also a similar, but opposite, pattern to the Ascending Triangle called the “Descending Triangle.” In the case of this pattern, the horizontal line is below, while the sloped line is above, and the triangle narrows towards the downside.

Now, here is the chart shared by Ali that reveals the Ascending Triangle potentially forming for Lido DAO in its 7-day price:

Lido DAO Ascending Triangle

As displayed in the above graph, the LDO weekly price has appeared to have been moving inside an Ascending Triangle pattern for a while now. Recently, the price has surged and is now retesting the horizontal line of the pattern.

“Keep a close eye on the $3.30 level!” says the analyst. “A sustained weekly close above this mark could trigger a bullish breakout, potentially propelling LDO toward a new all-time high of $6.”

Such breakouts above the triangle can be comparable in size to the triangle’s height, which is why Ali has selected this possible target for the cryptocurrency. From the current asset price, such a rally to a new all-time high of $6 would mean an increase of more than 76%.

It remains to be seen how the Lido DAO price develops in the coming days and if the coin can finally escape out of this Ascending Triangle, potentially setting itself up for a major rally.

LDO Price

At the time of writing, LDO is trading around $3.4, up 18% in the last week.

Lido Price Chart

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Crypto Fund Exits BLUR For Lido And IMX—Endorsing DeFi?

According to Lookonchain data, Sigil, a fund in Gibraltar, has exited BLUR, one of this week’s top-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X–a layer-2 scaling solution primarily dedicated to NFT trading.

Sigil Fund Sells BLUR For IMX And LDO 

On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth roughly $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates. The exchange was made via multiple transactions and done on-chain.

The swap comes roughly three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund is exiting BLUR when the token has dominated performance in the last few trading days. 

To quantify, the token has more than doubled this week alone, surging to register new H2 2023 highs above $0.60. BLUR is already up 330% from its 2023 lows and continues to edge higher on rising trading volume.

BLUR price trending upward on the daily chart | Source: BLURUSDT on OKX, TradingView

The Gibraltar-based crypto investment fund’s rotation from BLUR into core governance tokens of Lido DAO and Immutable X comes when there is FOMO around the 300 million BLUR airdrop in Season 2. Still, it is not immediately clear what might have advised the fund to exit BLUR–and not simply ride the current ride–for LDO and IMX. 

In retrospect, the shift could be an endorsement of decentralized finance’s (DeFi) resilience and inherent growth prospects. The rotation of funds into DeFi tokens could also signify a focus on backing decentralized ecosystem building rather than speculative NFT mania, as is currently the case with BLUR, which is rapidly rising, spurred by the Season 2 airdrop.

LDO and IMX Are Key For DeFi And NFT

As of November 2023, Lido DAO and Immutable X are some of the core platforms driving crypto and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers a secure NFT trading infrastructure. Though recent troubles at FTX and other CeFi actors like FTX’s partner, Alameda Research, continue to cap upsides, Sigil’s allocation change is an endorsement for DeFi.

In the future, it is not immediately clear whether LDO and IMX prices will edge higher. For now, it remains on an uptrend but is generally volatile and not galloping higher like BLUR. The token is up 80% from October 2023 lows at press time. Meanwhile, IMX is extending gains at 2023 highs, looking at price action in the daily chart.

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Lido DAO (LDO) New All-Time High? One Analyst’s Perfect Setup To $37

Lido DAO has grown over the years to become the leading liquid staking protocol on the Ethereum network and its native LDO token has enjoyed tremendous success on the back of this. The protocol’s continuous growth has been purported to be what will push LDO to new all-time highs and one crypto analyst has revealed how high the token’s price could go.

Lido DAO To Beat Previous $7.22 All-Time High

Back in the bull run of 2020-2021, the price of Lido DAO’s native LDO token soared with the rest of the market and eventually touched its all-time high price of $7.22. Naturally, this has been the level that bulls have been trying to get back to that would put all holders back in profit. However, crypto analyst Weslad expects the altcoin to completely clear this all-time high price by at least a 4x.

In an analysis posted on the TradingView website, Weslad reveals the roadmap for LDO’s price to rise another 1,400% from here. According to the analyst, the LDO/USDT has been showing a “robust ascending triangle pattern.” This pattern, the analyst says, suggests that LDO could move to test the Neckline which is a critical supply zone for the asset.

The analyst who is obviously very bullish on LDO expects that this level will be breached and that the altcoin will eventually turn this resistance mark into support. “The Buy back area on the chart should give all the bull an opportunity to accumulate the coin before major move begins and at same time the chart indicates the outlined target,” Weslad says.

The first target in this setup is already above its ATH price at $9.,176. From here, the analyst expects another bounce up to take the Lido DAO price above $15.9, double its previous all-time high. But it still doesn’t end here.

LDO price chart from Tradingview.com

A final setup outlined by the crypto analyst brings the next target to $29.3. After that comes the coveted $37 level, which is at the very peak of this expected rally.

Just below the buy back zone at around $1.9, the analyst outlines a stop loss zone below $1.473. “The stop loss range is an important area that need to be watched closely should incase price turn around,” the analyst warns.

LDO Enters Top Gainers

The bullishness surrounding Lido DAO and the native token LDO is not without metric, especially given the token’s performance in the last week. LDO has seen its price rise approximately 27% in one week to breach the $2.47 mark.

Even more impressive is its 24-hour positive moves that have come out to 10.5%. This rise puts it in the list of the top 10 gainers in the last day behind the likes of Kaspa (KAS) and PancakeSwap (CAKE).

LDO’s large transaction volume has also fallen in the last week which suggests that whales are winding down their activities. While this could mean there is not a lot of buying going on by these large whales, it also suggests there is not a lot of selling happening either. This could point toward a tendency to hold and wait for better prices rather than selling tokens now.

Lido DAO (LDO) price chart from Tradingview.com (Crypto analyst

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Top 5 Altcoins For October 2023 That Could 20X Your Crypto Portfolio

By now, Bitcoin has grown to the point where crypto investors do not expect very large returns from it and are now looking toward altcoins that could provide the kind of returns they seek. However, with thousands of altcoins circulating in the crypto market, it can become quite hard to pick the coins that could end up doing well.

So here are five altcoins that are well-positioned to do well in the next bull market that could potentially 20x your crypto portfolio.

Lido DAO (LDO) Is A Top Crypto Contender

Lido DAO (LDO) has grown rapidly to dominate the Ethereum liquid staking game, accounting for over 30% of all staked ETH in LSD protocols. This has brought immense attention to its native token, LDO, which on its own has also seen a good run over the years.

However, at just a $1.4 billion market cap, LDO is still what can be referred to as undervalued given its standing in the decentralized finance (DeFi) sector. A bull market could easily see the market cap of LDO cross $30 billion, which would be a more than 20x return on investment from its current $1.61 price level.

Arbitrum (ARB) Dominates Ethereum Layer 2 Altcoins

Arbitrum (ARB) features on this list because of the network’s performance over the years. Of all the Ethereum Layer 2 networks currently in the game, Arbitrum leads the pack both in terms of Total Value Locked (TVL) and daily trade volume.

This puts it ahead of the likes of Optimism (OP), Avalanche (AVAX), and Polygon (MATIC), all of which have been in the game just as long. However, of the 4 leading Ethereum L2s, Arbitrum has the lowest market cap. At $1.08 billion, it is yet to see the same kind of surge its competitors saw in 2021 due to the token launching in the bear market. Arbitrum’s performance even in a bear market shows that it could easily be a top 10 cryptocurrency in the bull market.

Stacks (STX): The Crypto Child Of Bitcoin

Currently, when crypto investors think of NFTs and DeFi on the Bitcoin network, they think of Stacks (STX). This is because Stacks is a Layer 2 network that allows the usage of smart contracts on Bitcoin. This means developers are able to build protocols as well as launch NFT collections on the Bitcoin network using Stacks (STX).

STX’s market cap is still very low at just $715 million especially given what it enables developers to do on the Bitcoin network. This offering makes sure that Stacks is always on the radar of investors, making it a billion-dollar token that could easily bring 20x returns.

Altcoins total market cap chart from Tradingview.com (Crypto 20x)

Kava (KAVA) Joins The Fun With Layer 1 Technology

Kava (KAVA) has been building up into mainstream adoption despite competition with the biggest networks in the space. This Layer 1 blockchain is taking another route to interoperability by combining the best parts of the Ethereum and the Cosmos networks.

Ethereum is known for its developer power, enabling developers to build pretty much anything, but still held down by slow transactions and high fees. On the other hand, Cosmos has some of the highest speeds and interoperability and when both of these are combined, it presents basically a supercharged Layer 1 blockchain equipped to handle almost anything.

Its native token KAVA is already one of the most watched Layer 1 native tokens, and at a $500 million market cap, it’s fair to say that this altcoin is far from done.

Altcoins Are Not Complete Without The Trust Wallet Token (TWT)

With so many centralized exchanges running into issues such as hacks and bankruptcy, more crypto investors are choosing to self-custody their coins. The top 2 self-custody wallets that also allow users to take advantage of DeFi and NFTs are MetaMask and Trust Wallet. Since only the latter currently has a token, it has been able to corner that market share for itself.

Trust Wallet’s native TWT token rose in popularity when the FTX crypto exchange crashed in 2022 and has not stopped. Going into the bull market, self-custody is expected to be the main avenue to store coins and TWT’s current $411 million market cap could quickly turn into an $8 billion market cap in the bull market.

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Lido (LDO) Surges 16% In Single Day, Maintains Dominance In Liquid Staking Market

Having survived a week dominated by the bears, the price of Lido DAO (LDO) is on the rise today, tallying a 16% increase in the past 24 hours. This price recovery has left many wondering if the bearish trend is over and whether the bulls might be onto something here.

That said, Lido Finance continues to assert its dominance in the liquid staking market, recording a substantial increase in its total value locked (TVL) in ETH LSDs in the past week. 

Lido DAO Token Price Overview

The past week saw the bears take the cryptocurrency market by storm; this has pretty much been the case since the start of May. We watched on as the latest crypto sensation, PEPE, shed a massive chunk of its recently-accrued value in the last seven days. 

The story hasn’t been any much different for the LDO token. In the past week, this cryptocurrency lost 1.2% of its value. It is worth noting that this figure has only just dropped – thanks to the upward price movement of the token in the last 24 hours. 

Nevertheless, a broader look at Lido’s market performance in the past month still shows a steady price decline. This current downturn in price started as far back as April 18, with the token’s value dipping by more than 20% within this period. 

That said, the token appears to be on some sort of recovery. According to CoinGecko data, a Lido DAO token currently trades at $1.88, tallying an impressive 16.1% increase in the past 24 hours. Meanwhile, there has been a corresponding 63.8% jump in the token’s daily trading volume.

Lido

Lido Finance Maintains Dominance In ETH Liquid Staking 

Data from DeFiLlama reveals that Lido Finance gained an impressive 4.73% increase in TVL in the past week. In the same time, Coinbase Wrapped Staked Ether, the second-largest LSD protocol, lost 0.91% of its TVL. 

A broader look at the metrics shows that Lido’s TVL jumped by more than 11% in the past month. Within the same period, the TVLs of Rocket Pool and Frax Ether rose by a staggering 35.23% and 42.52%, respectively.

Lido

Source: DeFiLlama

Indeed, LSD protocols, such as Rocket Pool and Frax Ether, are beginning to gain tremendous market share in the liquid staking industry. However, Lido Finance continues to dominate the market, holding 74.35% of TVL in ETH liquid staking derivatives (LSDs). This accounts for 6.6 million ETH of the total locked ether.

Overall, the liquid staking market continues to expand – as expected, following the Ethereum “Shapella” upgrade. As of this writing, a total of 8,886,107 ETH is locked in LSDs, with over 450,000 ether tokens added in the last two weeks.

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Lido DAO Records Biggest Network Transaction In 2 Years – Santiment

DeFi staking protocol Lido DAO (LDO) has just experienced its largest network transaction in two years, according to a report by Santiment.

The popular on-chain analytics firm states that on May 5, $135 million worth of LDO tokens were transferred from one self-custody wallet to another.  

According to Santiment, 70 million LDO tokens were moved in this transaction, marking the network’s biggest coin transfer since June 2021 and its eighth-largest transfer of all time.

Lido

Lido DAO is the most prominent liquid staking platform allowing users to effortlessly participate in staking on several PoS networks, including Ethereum (ETH), Polygon (MATIC), Polkadot (DOT), Solana (SOL), and Kusama (KSM).

That said, the LDO whale transaction that occurred earlier today may have drawn much attention to the network; however, this is yet to elicit any positive price effect on the token.

According to data by Coingecko, LDO is currently trading at $1.85, recording a 0.34% decline in the last 24 hours – and an 11.7% cumulative loss in the past week. Additionally, the token’s daily trading volume is down by 47.26% to a value of $31.95 million. 

However, this current bearish form does not taint what has been a remarkable year for the Lido protocol.

Lido

Lido’s Impressive Year So Far

Following the Merge of the Ethereum network last year, liquid staking protocols such as Lido became a focal point of investors’ interest. Moreover, this traction was further fueled by the anticipation of the Shanghai/Capella upgrade, which just occurred last month.

Riding on the massive hype surrounding its network, Lido DAO recorded staggering gains in its Total Value Locked(TVL), displacing the MakerDAO – creator of the DAI stablecoin and first-ever successful DeFi project – as the biggest DeFi protocol in the crypto space. 

Data from Defillama shows that the amount of staked ETH on Lido rose from 4.84 million ETH on January 2 2022, to its current figure of 6.33 million ETH, representing a total value of $12.15 billion. 

In fact, total investment in Lido from all of its five supported blockchains has grown by over 108% since the beginning of the year, allowing the liquid-staking platform to gain a 28% market dominance in the DeFi space.

That said, considering the latest partnership moves by its developer team, Lido could be set for more gains in the future.

OKX Wallet Integrates With Lido

Earlier today, OKX announced the integration of Lido with its OKX wallet web extension allowing users to directly assess Lido’s staking service by visiting the platform’s official website via the “Discover” module on the wallet.

This integration represents good news for Lido DAO with the prospect of many new users as OKX ranks as the second biggest crypto exchange with over 50 million customers worldwide. In addition to Lido, the OKX wallet offers access to 100+ DeFi protocols, including Aave, Curve, Sushiswap etc.

That said, similar integrations with established centralized exchanges in the future could well result in Lido increasing its dominance in the DeFi space.