The Lido DAO (LDO) is currently turning heads as the token surges before the end of the month further strengthening retail interest in the token. Although the market dipped slightly today, LDO jumped by 17% since last week, representing a strong increase in bullish on the token.
As September ends, investors are waiting on the much anticipated ‘Uptober’ which would supposedly bring gains. With bullishness on the market solidifying in the coming days, the market might be in for a wild ride.
Rejection At $1.3: Boon Or Bane?
LDO’s current trajectory has been rejected by the $1.3 crucial resistance as it attempts to have a breakthrough while targeting the $1.6 in the medium term. This rejection might be a sign of bad things to come as it can drive the token’s momentum toward $0.91 in the short term. Although LDO is still considered to be highly correlated with the broader crypto market, some room remains for the token to have movement independent of the market.
As it currently stands, Uptober might still be around the corner despite the token’s weak support. Investors and traders are currently anticipating this phenomenon where the start of October brings gains for investors. However, LDO may suffer before those gains hit LDO holders.
The sharp increase in LDO is reflected by the token’s relative strength index (RSI) where LDO is seen nearly reaching a soft peak. This may not bode well for the token’s short-term prospect as it signals that LDO bulls have exhausted their momentum and the risk of a bearish reversal jumped by a significant margin.
In this case, Uptober for LDO might be delayed by a couple of days as the token has a higher chance of retracing back to $0.91 in the short term. However, if the token does move toward the latter, it may have enough strength to have a breakthrough while targeting $1.6 in the medium to long term.
Lido Announces Start Of New GOOSE Period
In a recent X post this week, the official X account of Lido announced that the platform’s Guided Open Objective Setting Exercise (GOOSE) cycle is launching. The goal of the GOOSE framework is for the creation of goals that are aligned with the mission and vision of the Lido DAO. These goals are usually attainable in 1 year with the longest being 3 years.
GOOSE allows the Lido DAO to incorporate community-set goals to be featured in its planning for the platform, ensuring decentralization while making sure that the features that will be built on the platform are what the community needs or wants.
The submission period has already started this September 24 and will end in October 8.
Featured image from Medium, chart from TradingView