• Lido DAO price is trading with a bullish bias ahead of the Shanghai Upgrade.
  • LDO could rise 30% amid the upgrade’s ‘sell the news’ event.
  • A decisive break below the 50-day EMA at $2.42 could invalidate the bullish thesis.

Lido DAO price (LDO) hints at a continued uptrend as investors await the Shanghai Upgrade slated for April 12. The altcoin has been consolidating along an uptrend line that could deliver more gains for investors if maintained. Lido is a decentralized autonomous organization (DAO) that provides a liquid staking service for Ethereum 2.0. This allows users to earn staking rewards without maintaining staking infrastructure.

Lido DAO price eyes 30% gains

Given that LDO is an Ethereum layer 2 token, it is bound to benefit from the Shanghai/Capella upgrade, whose objective is to help bypass high-entry barriers such as the 32 ETH threshold, the need for technical node-operating knowledge, and the withdrawal queue. As the countdown to the upgrade continues, we expect Lido DAO price to increase courtesy of the ‘sell the news’ event.

Also Read: Ethereum Shanghai Upgrade is nearing, what to expect from ETH and LSD tokens

With bulls buying the rumor, the LDO market experienced increased buyer momentum. This could see Lido DAO price shatter the immediate barricade at $2.63. Further north, the altcoin could confront the next roadblock at $2.92 or tag the $3.27 resistance level in highly bullish cases. Such a move would denote a 30% ascent from the current price of $2.50.  

The 50-, 100-, and 200-day Exponential Moving Averages (EMAs) at $2.42, $2.26, and $2.00 were below Lido DAO price, offering more downward support. Moreover, the Relative Strength Index (RSI) and the Awesome Oscillator were both positive, suggesting buyers were leading the market.

LDO/USDT 1-day chart

Daily active addresses increasing, Santiment shows

A giant spike in daily active addresses at the beginning of April coincided with the Lido DAO price rally, indicating growing investor interest in LDO. If the increased network activity proves sustainable over the coming days, it will deliver more gains for investors.

Conversely, if profit-taking begins, Lido DAO price could drop, losing the support due to the uptrend line before breaking below the 50-day EMA at $2.42. A daily candlestick close below this level would invalidate the bullish thesis.

An increase in selling pressure below the EMAs could deliver Lido DAO price to the February lows around $1.96, denoting a 20% decline from the current price of $2.50. 

If the increased network activity proves unstainabe after the Shanghain Upgrade, it could signal an impending downward trend.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP