The price of Lido DAO has risen 13% since the lows of January 2. Trading at $1.24, LDO has gained 6.75% in the last 24 hours and as much as 18% in the past week. Analysts attribute organic growth in the use of Lido DAO.
Data shows that Lido DAO has overtaken MakerDAO as the biggest DeFi platform in the cryptocurrency ecosystem in terms of total value locked. The uptick was largely driven by its handling of Ethereum staking. Ethereum developers said stakers will be able to withdraw their staked ETH by March. Analysts believe this will further push up LDO prices in the coming weeks.
Moreover, indicators suggest a strong increase in momentum. LDO’s relative strength index surged to nearly 90 a few days ago. It remains above 70 highlighting ongoing buying pressure. Lido DAO’s 30-day moving average has also jumped above its 200-day average. The steep climb shows that LDO is enjoying a breakout.
Analysts attributed the rally to more investors using Lido DAO as a staking platform for Ethereum. Lido recorded increased usage ever since Ethereum moved to a proof-of-stake (PoS) consensus mechanism in September 2022. The LDO governance token has been reaping benefits. It saw a 24% price increase since the start of 2023, hitting a peak of 34% growth in just two days.