Lido begins recovery ahead of Version 2 rollout on the Ethereum blockchain; here’s where LDO is headed
- Lido initiated the voting process to roll out its Version Two on the Ethereum blockchain; this marks a key milestone.
- The voting process ends on May 15, and Version Two goes live on Ethereum, assuming the vote passes.
- LDO price yielded nearly 4% gains for holders over the past week, starting its recovery ahead of the Version Two rollout.
The Lido DAO is a Decentralized Autonomous Organization that has opened voting for Version two on the Ethereum mainnet. The voting process will end on May 15, and the LDO price has started its recovery.
Also read: Cardano price gears up for recovery after massive spike in social engagements
Lido begins its recovery ahead of Version Two rollout on Ethereum
Lido DAO’s token LDO started its recovery over the past week. LDO price climbed 3.2% over the past week, and the token is exchanging hands at $1.92, based on data from CoinGecko.
If Lido’s vote passes, Lido’s Version Two will be implemented on the Ethereum mainnet. Lido has invited users to cast their votes in a recent tweet:
The Aragon vote to implement the Lido on the Ethereum V2 upgrade is now live!
— Lido (@LidoFinance) May 12, 2023
You can cast your vote on Lido’s most important upgrade to date here: https://t.co/GMrXGuLIdT
Assuming the vote passes, Lido V2 will go live on May 15th ️ pic.twitter.com/GE3aea83fD
The proposal currently has 5.94% positive votes, and 0% of users are against the same.
Voting on Lido’s proposal
The platform has $12.14 billion locked in its protocol, in Total Value Locked (TVL) based on data from DeFi Llama. The chart below shows a consistent spike in the TVL of Lido and the massive recovery since the FTX exchange collapse.
Lido TVL on DeFi Llama
The Version Two rollout is key for Lido as it marks an upgrade since the protocol’s launch in December 2020. Moreover, users can claim their staked Ether in exchange for stETH post-May 15, marking a shift in the crypto landscape.
Where is LDO headed next?
LDO is currently in a downtrend that started in March 2023, and the asset’s price is below the three Exponential Moving Averages (EMAs), 10, 50 and 200-day EMAs. The immediate resistance for LDO is at $2.018 and $2.132, two of three long-term EMAs.
Other key support and resistance levels in the long time frame from November 2022 are $2.289, $3.252 and $1.887.
LDO/USD 1D price chart
A decline below the support at $1.887 could invalidate the bullish thesis, and the asset could nosedive to support at the Fibonacci level at $0.480.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
