Lido DAO (LDO) is a blockchain protocol designed to promote and facilitate Ethereum staking. The protocol has successfully implemented its first batch of Simple Distributed Validator Technology (DVT), a significant step towards decentralization. Lido aims to expand the number of nodes and allow solo and community stakers to become validators, making the process more accessible and streamlined. As a result of this news, the price of the LDO cryptocurrency has increased by approximately 4%, reaching around $2,035.
Lido is actively working towards decentralizing the project, and the recent launch of the Simple DVT Module is a testament to this commitment. The Lido DAO community voted to deploy the module six months ago, on October 26, 2023. This module operates similarly to a multisig setup, requiring multiple partners and consensus for access and control. It not only grants validator responsibilities to a single node operator but also extends the opportunity to community stakers, reducing reliance on a single operator. The number of nodes is continuously increasing, with 109 nodes reported initially by a node operator named @KimonSh on platform X.
Investors of LDO have responded positively to this news, evident in the 4% increase in the cryptocurrency’s price, which now stands at $2,035. Market indicators suggest that LDO may continue to rise and reach $2,345, which is close to the Point of Control (PoC) on the Volume Profile indicator. This potential increase represents a significant growth of approximately 15% from the current price. Over the past three days, LDO’s price has been steadily rising. The Moving Average Convergence Divergence (MACD) indicator shows bullish signals, with green histogram bars above the neutral line and a bullish MACD crossover signal line, indicating favorable conditions for LDO buyers.
However, it is important to note that if the resistance at $2,345 is not overcome, the bullish outlook for Lido’s cryptocurrency could be invalidated. In such a scenario, the price of LDO might decline and test the previous low of $1,817, which was recorded on April 30.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research before making any investment decisions.