HomeEthereum UpdatesExpert Predicts Lido (LDO) Will Skyrocket to $17 in Massive Breakout

Expert Predicts Lido (LDO) Will Skyrocket to $17 in Massive Breakout

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Lido Finance: Potential Breakout for LDO Despite Market Challenges

Lido Finance, the liquid staking protocol for the Ethereum (ETH) network, has been facing significant price declines in recent weeks due to the overall market downtrend and lack of bullish momentum. Despite these challenges, there is hope for a potential breakout for the protocol’s native token, LDO.

One positive development for Lido is its partnership with Mellow Finance as part of the Lido Alliance. This collaboration has introduced advanced decentralized finance (DeFi) strategies for stETH holders, aiming to maximize asset utility through decentralized restaking and accumulating rewards. The newly launched vaults provide a secure and flexible way for users to engage with Ethereum staking and DeFi, increasing the liquidity and utility of stETH.

However, negative financial metrics have been impacting Lido’s performance. The Total Value Locked (TVL) has decreased by 1.70%, influenced by ETH’s price decline. Despite a mild increase in the amount of ETH staked and stETH in lending pools, the 7-day trading volume for stETH has decreased by 19.7%.

Crypto analyst Alex Clay remains optimistic about LDO’s future, predicting significant breakouts if bullish momentum resumes. Clay highlighted LDO’s 756 days of ascending accumulation, suggesting a potential “massive breakout” and outlining price targets ranging from $6.3 to $17.2.

Currently, 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. The token has seen a 74% decrease from its all-time high of $7.30 in June 2021.

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

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