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.
Source: 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.
LDO breaks above $2.5 | Source: LDOUSDT on Tradingview.com
Featured image from Coins.ph, chart from Tradingview.com
Source: NewsBTC.com
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