Lưu trữ cho từ khóa: Lido DAO

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Chart of the week: 1-Month performance review

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crypto.news recently launched a “Chart of the Week” series on Fridays to showcase potential trades with significant gains. Over the past month, five coins appeared interesting, leading to seven trades, both long and short. The total portfolio return ended in the green.

Below are two tables that provide a comprehensive overview of the trading activities over the past month. The first table outlines each trade, specifying the tokens selected and the type of trade conducted.

Cryptocurrency Trade 1 Trade 2
LIDO SHORT LONG
BONK LONG N/A
OM SHORT IGNORED
NOT LONG SHORT
WIF LONG N/A
Summary of trades by token and trade type

On the other hand, the second table details the percentage returns from each trade.

Cryptocurrency Trade 1 Trade 2
LIDO 11.62% 7.5%
BONK 20.93% N/A
OM -5% N/A
NOT 9.03% 11.24%
WIF 10% N/A
Percentage returns from each trade

Careful analysis of market trends and token positions led to success in determining movements 6 times out of 8 predictions, with 7 of these predictions resulting in trades. Two trades involving Mantra failed, as the token’s price surged instead of declining, triggering the stop loss and causing a 5% loss. This led to abandoning the trade, making both predictions incorrect. Therefore, 6 trades succeeded, and 1 trade failed.

Overall, the success rate was 85.71% in trades and 75% in predictions. With an initial $1,000 allocated to the first trade and all returns reinvested, the portfolio generated a total return of 83.91% or $839.11.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

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Lido DAO price gains amid market-wide dips

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Lido DAO (LDO) recorded a notable price surge this week, outperforming both Bitcoin (BTC) and Ethereum (ETH). However, technical analysis of the token shows rising bear pressure.

LDO’s price has increased by 11.6% over the past 14 days.

If the Lido DAO price chart on Trading View is anything to go by, the token has a market sentiment rating of 37% and a Fear & Greed Index registering 55 (Greed). 

The Relative Strength Index (RSI) stands at 33.47, suggesting a potential downturn below the .80 mark into oversold territory. The longs/shorts ratio currently sits at 1.01, with 50.33% long positions and 49.67% short positions over the past 24 hours, indicating a balance as bulls attempt to defend the .80 level.

Regarding short-term price predictions for 2024, the technical analysis estimates a range between .24 – .40, with a potential high of .29. 

Looking ahead, long-term prospects for Lido DAO appear optimistic, with projections suggesting significant price potential by 2030. Price expectations range from a minimum of ,496 to a maximum of ,810, with an average trading price forecasted around ,578.

Several recent developments have contributed to Lido DAO’s recent price surge. The integration of Kusama liquid staking on the Lido platform allowed KSM holders to stake their tokens and receive stKSM tokens, which are usable across various DeFi networks. 

Additionally, the Total Value Locked (TVL) on the Lido platform achieved a record high of .08 billion, driven by increased staked ETH and the growing popularity of liquid staking.

However, the broader market correction has triggered widespread panic selling and investor fear, impacting many cryptocurrencies, including LDO.

At the time of writing, Lido DAO is priced at .15. The current market capitalization of LDO stands at approximately .9 billion, based on a circulating supply of 892.9 million tokens.

The 24-hour trading volume is 8 million, indicating significant trading activity for the cryptocurrency. Lido DAO is ranked 54th on CoinGecko.

High expectations

For Ethereum, key developments such as the SEC’s closure of its Ethereum 2.0 investigation and the upcoming Ethereum Dencun upgrade have generated optimism among investors and analysts.

The SEC concluded its investigation into Ethereum 2.0 without filing charges. This outcome potentially opens the door for the approval of Ether spot ETFs, which analysts believe could propel Ethereum to new all-time highs. Some forecast a target of ,000.

Recall in April how the SEC issued a Wells notice to ConsenSys, an Ethereum software development company, regarding potential enforcement actions related to its crypto wallet service, MetaMask, sparking debates over Ether’s classification as security.

In response, ConsenSys filed a lawsuit against the SEC. The commission lacked jurisdiction over Ether, the firm argued, citing a 2018 designation of ETH as a commodity.

ConsenSys also highlighted the recent approval of spot Ethereum ETFs as evidence supporting their stance. 

The SEC’s decision to close the investigation does not exempt Consensys from future scrutiny, raising uncertainties for other cryptocurrencies with similar structures and emphasizing the ongoing necessity for clear regulatory frameworks.

Despite the recent price corrections across the board, ETH still sits well above the psychological k region, exchanging hands for ,474 at press time.

Other Ethereum-related projects include Lido DAO’s governance token LDO, Ethereum Name Service (ENS), and Maker (MKR), the fourth-largest Ethereum DeFi protocol. Each project recorded decent gains in recent weeks. 

While the approval of spot Ethereum ETFs is pending, the SEC’s indication that it views ETH as a commodity rather than a security is pivotal. This clarification is essential for fostering the growth and adoption of cryptocurrencies by establishing a more predictable regulatory landscape.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

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Chart of the week: Will Lido DAO (LDO) bull run continue

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As of June 21, 2024, Lido has experienced a surge of 20.57% in the past seven days. However, the likelihood of continued upward movement seems limited. The primary factor is its proximity to a historical resistance level at .30 on the daily timeframe. This resistance level has historically posed a significant barrier, and without a decisive breakout above .30 and, subsequently, .40, sustained upward momentum remains doubtful.

Technical Indicators

Resistance and Support Levels

  • Current resistance: .30
  • Additional resistance: .40
  • Support level: .00

TradingView

Relative Strength Index

The current RSI is approaching the historical resistance level of 60. This suggests that the price is entering overbought territory, which could limit further gains.

Fibonacci Retracement

If Lido fails to break through .30 and .40, a drop to the Fibonacci retracement levels between .997 and .016 (golden pocket) is likely.

TradingView

Network Value to Transactions Signal

The NVT signal is a key metric for evaluating Lido’s valuation. An NVT signal above 55 indicates overvaluation, while a signal below 25 suggests undervaluation. As of June 21, 2024, Lido’s NVT stands at 44, up from 35 a week ago, indicating it is currently fairly valued. The NVT ratio peaked at 79.5 in March, which demonstrates the potential for an upside, but current market conditions and historical performance suggest otherwise.

Glassnode

Historically, the period from June to September tends to be slow for the cryptocurrency market, with an average return of 1.45%. Given that Lido’s performance often correlates with Bitcoin and especially Ethereum, major movements in these cryptocurrencies could impact Lido’s price trajectory.

  • Bitcoin and Ethereum Trends: If Bitcoin and Ethereum experience downturns, Lido is likely to follow suit.
  • Ethereum Staking: As a staking platform for Ethereum, Lido’s performance is closely tied to Ethereum’s market movements.

Strategy

Considering the current market analysis, it is advisable to adopt a cautious approach:

  • Short Position: Given the strong resistance at .30, consider going short on Lido at the current levels.
  • Reentry Point: Look to reenter around the .00 support level, provided it holds this line.
  • Monitoring BTC and ETH: Keep a close watch on the broader market trends, particularly Bitcoin and Ethereum, as their movements will likely influence Lido’s price.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News