Lido price continued its recovery trend as blue-chip DeFi tokens continued surged. The LDO token rose to a high of $1.2534, which was the highest point on May 26th. It has risen by almost 200% from its lowest level this year.
The Leap of DeFi Blue Chips
Lido is a major player in the decentralized finance (DeFi) industry. It is a platform that provides liquidity solutions for staked assets. One of the most well-known staked assets on the Lido is sETH, which is pegged to Ethereum’s Beacon chain.
According to its website, Lido has over $5.2 billion worth of staked assets in its ecosystem. Most of these assets are linked to its Ethereum platform. The other popular assets are Kusama, Polkadot, Polygon, and Solana.
Lido is the fourth largest DeFi platform in the world with a total value locked (TVL) of over $5.2 billion. The three biggest are Maker, Aave and Curve Finance.
Lido price is rising as investors buy the dip in blue-chip DeFi tokens. Indeed, these tokens have become the best-performing in the industry. They include coins like COMP, AAVE, CRV, and UNI.
It is not known why these coins have recently increased. One likely reason is that investors believe tokens will become dominant players in the financial industry. For example, while many dot com companies went bankrupt during the last downturn, many others like Google and Cisco prospered.
Another reason is that investors believe that DeFi platforms will be more popular than centralized platforms. That’s because recently, many well-known brands in the industry like Celsius, Voyager, and Vauld have gone out of business.
DeFi platforms are generally more transparent as they are usually built using open source technology. Additionally, the price of LDO has risen because Staked Ether appears to be regaining its footing.
Lido price prediction
The four-hour chart shows that the LDO price has been in a strong bullish trend in the past few weeks. The coin has managed to move from a low of $0.4198 in June to the current $1.2534. It has risen above the 25-day and 50-day moving averages. It has also risen above the key resistance levels at $0.9454 and $0.7345.
Therefore, it looks like there is bullish momentum, which means the coin will continue to rise as the bulls target the key resistance at $1.50. This view is consistent with my previous LDO award.
