Lido DAO (LDO) is an innovative Blockchain protocol that aims to promote and streamline Ethereum staking. The protocol has recently introduced its first set of Simple Distributed Validator Technology (DVT), which is designed to enhance decentralization and simplify the staking process. This allows for the expansion of the network’s nodes and provides opportunities for both individual and community stakers to become validators. As a result of this exciting development, the price of the LDO cryptocurrency has experienced a significant increase, currently trading at around $2,035 with a daily gain of approximately 4%.
The team at Lido has been actively working towards decentralizing the project, and the launch of the Simple DVT Module last Thursday was a significant milestone. The Lido DAO community made the decision to deploy this module after voting on October 26, 2023, demonstrating their commitment to further decentralization.
The DVT operates on a similar principle to a multisig setup, requiring consensus and involvement from multiple partners for access and control. This unique feature allows not only individual node operators but also community stakers to take on validator responsibilities, reducing reliance on a single operator.
According to a node operator known as @KimonSh on platform X, the number of nodes has been steadily increasing, with a current count of 109.
Investors in the LDO cryptocurrency have responded positively to this news, resulting in a price increase to $2,035, representing a 4% gain. Market indicators suggest that the price may continue to rise and potentially reach $2,345, which is close to the Point of Control (PoC) on the Volume Profile indicator. This would indicate a significant increase of approximately 15% from the current price.
Over the past three days, the price of LDO has been consistently rising. The Moving Average Convergence Divergence (MACD) indicator shows bullish signs, with green histogram bars above the neutral line and a bullish MACD crossover signal line. These indicators suggest favorable conditions for buyers of LDO.
However, it is important to note that if the resistance at $2,345 is not surpassed, the bullish outlook for Lido’s cryptocurrency could be invalidated. In such a scenario, the price of LDO may experience a drop and test the support level at the April 30 low of $1,817.
Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research before making any investment decisions.
