The Lido Dao team has recently announced via Twitter that their largest upgrade to date – Lido V2, has been released. After the news hit, the price of Lido quickly rose by over 6%. This is an important step towards further decentralization of protocols and could potentially lead to larger gains for Lido holders in the future.
The new version will drive adoption and increase the liquidity of Lido while also offering better performance and scalability. With more users set to join in, it looks likely that the price rally could continue as further developments come into play.
Lido DAO Technical Analysis on a daily chart
Lido DAO price has been on a continuous uptrend after opening the daily trading session at around $2.4007.Lido’s price has been trading horizontally, making higher highs and higher lows. This is a sign of bullish pressure as traders are ready to buy on dips and accumulate more Lido tokens as prices move higher.
After the news of the launch of the new version, Lido broke out of this short-term bullish pennant pattern and surged by more than 6%. If further gains occur, traders could be targeting the $2.7000 resistance level.
On the downside, the immediate support lies at around $2.4500 and if Lido faces a sell-off due to profit-taking or any other reason, traders should expect this level to hold and for prices to bounce back up afterward.
Lido DAO token is trading at $2.57 after breaking the $2.5 key resistance level. Currently, Lido DAO is trading in a symmetrical triangle, which could lead to a further bullish move. If the price breaks above the $2.7 resistance level, it will be a fresh all-time high for Lido and we could see prices climbing even higher in the near future.
Technical indicators such as the Relative Strength Index (RSI) is residing near the overbought level, which suggests that the current rally might be running out of steam and a pullback could be expected. Further, MACD is trending near the bullish territory and has formed a golden crossover signaling further upside potential for the Lido DAO token.
The Moving Averages are also firmly in the bullish territory and are trending higher, indicating further strength, with the price of LIDO trading above the EMA 10 and EMA 50 curves.
Overall, the technical outlook for Lido DAO is looking bullish with prices pushing higher after the launch of their largest upgrade to date – Lido V2. Traders should keep an eye on the $2.7000 resistance level as this could be a crucial price point for further gains in the near future.
