A popular cryptocurrency analyst has recently suggested that the native token of liquid staking protocol Lido ($LDO) could soon surge as much as 90% from its current levels after breaking through a key price point.
In a post shared on the microblogging platform X (formerly known as Twitter), analyst Ali Martinez noted \that Lido’s LDO token is “shaping up an ascending triangle on its weekly chart,” and as such traders should keep a close eye on the $3.3 price level.
Per his words, a sustained close above this level could “be the trigger for a bullish breakout,” which could help LDO’s price surge to a new all-time high of $6. At the time of writing, LDO is trading at $3.1 after rising more than 129% over the past year.
Liquid staking has emerged as a popular way to earn yield on crypto assets while retaining their liquidity. Staking involves locking one’s crypto assets for a fixed period in exchange for yields, but liquid staking for digital assets addresses the main drawback of locking tokens by allowing users to receive a tokenized version of their deposited funds on a 1:1 basis
With Lido, if a user stakes one Ether ($ETH) token, they are issued one stETH token which they can still use on other protocols if they wish to. Lido supports staking on Ethereum, as well as other layer-1 Proof-of-Stake blockchains like Polygon and Solana.
The protocol has been designed to facilitate decentralized protocol governance, and it launched a decentralized autonomous organization (DAO) to make all key decisions on the protocol’s operations.
Featured image via Unsplash.
