In the midst of wide ups and downs in the cryptocurrency market, the Lido DAO token (LDO) shines as an exciting chance to hop on the bullish bandwagon. LDO’s price has been on a steady climb since last week, and just last night, it broke through the latest resistance level, signaling further upward momentum.
The highly anticipated Lido v2 upgrade, a major milestone for the Lido protocol, has been successfully deployed on the Ethereum mainnet after a positive on-chain vote.
Lido V2 brings exciting features, including direct Ethereum withdrawals for ETH stakers. Thanks to the V2 upgrade, userrs can easily unstake their ETH through the Lido protocol, making the process more user-friendly and convenient.
Despite the Lido V2 upgrade, Transaction volume seems low
Lido DAO (LDO) made an impressive surge in price last night, but surprisingly, the transaction volume remained relatively low despite the excitement surrounding the latest upgrade, as per Santiment. On 15 May, the volume was only $10.62 million, which was lower than usual.
Lido DAO (LDO) is riding high with a 9% weekly gain, currently trading at $2.1. Excitingly, the trading volume has skyrocketed in the last 24 hours, reaching $111.6 million, as per CoinMarketCap data.
LDO price remains above $2.0 – previous resistance
Breaking through the $2.0 resistance level, LDO price soared by an impressive 10.07% last night. However, today it seems to be trading sideways. One possible reason could be that the price is approaching a descending trendline (as indicated above the chart), which might temporarily pause the current rally.
Despite encountering some resistance, the LDO price shows promising signs of recovery. The daily RSI remains steady in the 53 range, indicating a positive outlook. Bulls have managed to surpass the 20-day simple moving average, although the 50-SMA now poses a new challenge.
The presence of the 50-SMA and the descending trendline has momentarily slowed down the price momentum. However, if the LDO price manages to overcome these bullish barriers, it could potentially reach the $2.6 level.
Also read: Bitcoin Tests Major Support: Price Reverses Above $27K
