Lido DAO (LDO) Price to Face a 41% Decline If Breaches This Level
The price of Lido DAO (LDO) has fluctuated wildly over the past few days amid speculations that the US Securities and Exchange Commission may ban US cryptocurrency firms from offering staking services.
After witnessing a massive spike over the last four days, Lido Dao token is currently trading in the red at $2.57. Over the past 24 hours, the token has decreased by 7.53%. The utility and governance token for the Lido Decentralized Autonomous Organization (DAO), which governs the Lido Ethereum liquid staking protocol, has gained more than 35% in value over the past 30 days and 27% over the previous week.
Over the last few days, the Lido DAO token strengthened, reaching an intraday high of $2.82, despite the momentary and brief decrease. This was due to continued developments in the Lido network.
However, the Lido DAO price has to record a close above the $3 psychological threshold in order to confirm an uptrend. It should be recalled that in August, the price was rejected from this level and then fell 41% to $1.74.
Why was Lido DAO’s price increasing?
The Ethereum network’s Shanghai upgrade, which will enable staked Ether to be withdrawn from liquid staking protocols like Lido, increased interest in Lido DAO this week. The liquid staking protocol Lido is also planning to introduce staking reward withdrawals and better staking infrastructure with the release of the Lido v2 version. This was considered to be another crucial factor that affected Lido DAO coin pricing.