Lido DAO (LDO) Primed For 80% Upswing, Here Are the Key Resistance Levels to Watch

The Lido DAO is a Decentralized Autonomous Organization that decides on the key parameters of liquid staking protocols through the voting power of governance token (LDO) tokens.

The Lido DAO is a Decentralized Autonomous Organization that decides on the key parameters of liquid staking protocols through the voting power of governance token (LDO) tokens. It enables users to earn staking rewards without locking up assets.

Three steps are involved in the Lido DAO Liquid staking protocol:

Staking: Stake any amount of your token to receive daily staking rewards.

Minting: Receive stETH based on the amount of ether deposited into the protocol combined with staking rewards, minus penalties at a 1:1 ratio.

Yield using sETH: Use your strokes across DeFi to compound more to your daily staked rewards.

After a minor sell-off, LDOUSD showed a minor pullback.

Any daily close above $4.10 confirms further bullishness.

LDOUSD has increased by more than 40% over the last two days. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It reached a high of $2.424 and is now trading around $2.272.

The bullish invalidation can occur if the pair closes below $1.40. On the lower side, the near-term support is $2. Any break below the target is $1.70/$1.40. Any violation below $1.40 targets $0.90.

The immediate resistance stands at around $2.50. Any breach above confirms bullish continuation. A jump to $2.70/$3 is possible. A surge past $3 will take it to $4.

It is good to buy on dips around $2 with SL around $1.40 for TP of $4.

News source：https://www.kdj.com/cryptocurrencies-news/articles/lido-dao-ldo-primed-upswing-key-resistance-levels-watch.html

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