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Lido (LDO) Poised For Explosive Surge To $17, Expert Forecasts 'Massive Breakout'
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Lido (LDO) Poised For Explosive Surge To $17, Expert Forecasts ‘Massive Breakout’

Ronaldo Marquez
Ronaldo Marquez
11 months ago
3 mins read
Lido

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Lido Finance, the liquid staking protocol for the Ethereum (ETH) network, has experienced significant price declines over the past two weeks, largely influenced by the market’s downtrend and the lack of bullish momentum. However, a notable breakout could be in the making for the protocol’s native token, LDO, despite negative financial metrics. 

Lido And Mellow Finance’s Partnership

Despite the challenging market conditions, Lido has made notable strides within its ecosystem. Collaborating with Mellow Finance as part of the Lido Alliance, the protocol has introduced advanced decentralized finance (DeFi) strategies for stETH holders. 

These strategies aim to leverage Mellow Finance’s permissionless Liquid Restaking Token (LRT) creation, enabling stETH holders to maximize asset utility through decentralized restaking and accumulating various rewards. 

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The newly launched vaults also aim to secure and flexible means for engaging with Ethereum staking and DeFi, increasing the liquidity and utility of stETH. 

This partnership marks the initial phase of the Lido Alliance’s efforts to expand the Ethereum staking ecosystem through strategic collaborations with aligned projects. However, key metrics indicate a decline in the price of LDO, potentially following the footsteps of Ethereum, which has also seen a drop to $3,480 from its March peak of $3,990. 

Negative Financial Metrics

Lido’s Total Value Locked (TVL) experienced a 1.70% decrease, amounting to $35.39 billion, primarily influenced by ETH’s price decline. 

The amount of ETH staked witnessed a mild increase of 0.26%, with a net increase of 19,392 ETH staked over the past week. Similarly, the quantity of (w)stETH in lending pools saw a moderate increase of 1.46%, reaching 2.66 million stETH, while the amount of w(stETH) in liquidity pools decreased by 3.13% to 89.3k stETH. 

Moreover, the 7-day trading volume for (w)stETH stood at $1.03 billion, down by 19.7% compared to the previous week. Additionally, the total amount of wstETH bridged to Layer 2 solutions decreased by 2.86% to 136,893 wstETH.

Analyzing the bridging statistics, the distribution of wstETH among various Layer 2 networks is as follows:

  • Arbitrum: 69,676 wstETH (-6.07%)
  • Optimism: 28,906 wstETH (+0.44%)
  • Base: 15,429 wstETH (-6.35%)
  • Scroll: 10,329 wstETH (+9.48%)
  • Polygon: 8,522 wstETH (+0.07%)
  • Linea: 2,928 wstETH (+20.59%)
  • zkSync: 1,093 wstETH (-0.49%)

LDO Price Targets Ranging From $6 To $17

Despite these metrics, crypto analyst Alex Clay remains optimistic about LDO’s future. Clay recently shared bullish predictions for LDO, envisioning significant breakouts if the bullish momentum resumes. 

In a recent post on social media site X, Clay emphasized LDO’s 756 days of ascending accumulation, suggesting a potentially “massive breakout.” The analyst further outlined exciting price targets for bullish investors, ranging from $6.3 to $17.2.

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LDO is trading at $1.88, representing a 3.5% decrease within the 24-hour timeframe and a decline of over 20% in the past two weeks. Notably, the token has witnessed a 74% decrease from its all-time high of $7.30 in June 2021.

Lido
The 1-D chart shows LDO’s price drop below the $2 milestone. Source: LDOUSD on TradingView.com

It remains to be seen whether positive developments within the Lido protocol and increased staking activity can help mitigate the losses. Additionally, Ethereum’s potential price recovery may impact LDO’s trajectory, potentially leading to a new uptrend aimed at reclaiming previously lost levels.

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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