Can Lido DAO Price Hit $2 After Launching Institutional-Grade Liquid Staking?
Lido DAO price, a decentralized autonomous organization, announced on August 2nd the launch of Lido Institutional. This new offering is a specialized liquid staking solution that caters to custodians, asset managers, and exchanges’ unique needs, among other institutional stakeholders.
This development highlights Lido’s commitment to delivering top-notch staking solutions that meet the rigorous demands of institutional clients, including asset managers and custodians. Lido Institutional aims to enhance these entities’ capabilities in managing their staking activities effectively.
Lido DAO Price Outlook After Institutional Launch
Lido DAO remains the top player in Ethereum’s decentralized finance (DeFi) staking sector. Despite the rise of new protocols like Ether. fi and Renzo following Ethereum’s shift to proof-of-stake, Lido retains its position at the forefront. The platform, known for its liquid staking token, Lido Staked Ether, is now focusing on expanding its influence by targeting institutional investors.
Trusted by a growing list of prominent institutional partners, Lido already stands out as a premier choice for many institutions looking to engage in Ethereum staking.
Its middleware solution combines the reliability and security necessary for enterprise-grade staking with the…
— Lido (@LidoFinance) August 2, 2024
The newly launched Lido Institutional aims to attract these investors by offering robust security features, significant liquidity, and attractive staking rewards. This initiative provides a unique opportunity for participants to benefit from staking rewards managed by a diverse group of over 100 node operators, enhancing counterparty exposure.
Lido DAO Experiences Price Volatility Amidst Bearish Market Conditions
Over the past 24 hours, the Lido DAO price has experienced fluctuations within a trading range of $1.43 to $1.59. As of the reporting time, the LDO price hovered at $1.45 during the U.S. trading hours, showing a slight decrease of 0.97% from the previous day.
If market conditions turn bearish, the Lido DAO price could drop to $1.3, strengthening the bearish trend. A continued downtrend could lower its price to $1.2.
The technical indicators for Lido DAO against Tether (USDT) on the 4-hour chart suggest a bearish trend. The Moving Average Convergence Divergence (MACD) is below the signal line, with a -0.024 reading indicating a bearish crossover. The histogram shows increasing red bars, which further supports the bearish sentiment.
The Relative Strength Index (RSI) is currently at 35, indicating that the asset is nearing oversold conditions. The RSI has been trending below the neutral 50 level, reflecting the ongoing selling pressure.
Conversely, the Lido DAO price could experience a bullish reversal if investor optimism increases. A positive shift in market sentiment could push the price beyond the $1.5 resistance level. Following this upward trend, the cryptocurrency could climb to $1.8 and possibly extend to $2 in forthcoming market developments.
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