- Lido DAO has made a strong bullish trend in the past few days.
- The network activated the V2 upgrade, which allows users to withdraw staked ETH.
Lido DAO’s LDO price has made a spectacular recovery this week, making it one of the best-performing cryptocurrencies in the world. LDO token jumped to a high of $2.25, the highest level since April 20. According to TradingView, Lido has jumped by more than 41% from the lowest level this year.
Latest Lido news
The biggest Lido news is that the network completed the upgrade to V2 on Monday. The second version of the app was created to solve two main challenges in the ecosystem. First, it addressed the challenge of withdrawals, making it possible for Lido on Ethereum stakers to burn stETH and exit the protocol on a 1:1 ratio. In other words, the upgrade introduced an on/off ramp into the Ethereum staking ecosystem.
The other important upgrade in Lido’s V2 is the staking router, which allows the development of on-ramps for node operators. These operators range from solo stakers to decentralized autonomous organizations (DAO) and distributed validator technology clusters. The goal of this upgrade is to create a more diverse validator ecosystem.
In addition to these upgrades, Lido also implemented a rewrite of the Oracle smart contract and off-chain daemon software. It also boosted the security of the ecosystem.
The most important outcome of the V2 upgrade is that it now makes it possible for Ethereum stakers in the ecosystem to withdraw their coins. As you recall, Ethereum passed the Shanghai upgrade last month that made it possible for people to withdraw their staked tokens.
Since then, it was not possible to withdraw these coins on Lido because of the existing platform limitations. Therefore, with the V2 launch, it is now possible to make these withdrawals. In a statement, Lido said that it was prepared for huge ETH withdrawals as users cash out. As part of its this preparation, Lido will use its 440k ETH protocol buffers.
LDO price prediction
The 4H chart shows that the Lido DAO price has made a strong comeback in the past few days. It has managed to flip the resistance at $2 into a support level. This was an important level since it was the lowest level on March 25.
Lido has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level. Therefore, it seems like LDO price has the momentum that will see it jump to the next resistance point at $2.66, which is about 18% above the current level.
