The Bitcoin price stability above the $100k level has driven a bullish outlook in the altcoin market. Amid the renewed buying momentum, the Lido DAO price took a higher leap as Grayscale announced the Launch of the LDO Trust fund. The LDO price recovery is set for a prolonged uptrend as buyers are ready to challenge an 11-month correction.
Currently, the Lido DAO exchanges hands at $2.336 with an intraday gain of 22.3%. According to Coingecko, the global crypto market cap is at $3.83 Trillion, while the 24-hour trading volume is at $306.2 Billion.
Key Highlights:
- Grayscale launches Lido DAO Trust, providing investors exposure to LDO.
- The LDO price breakout from the 11-month correction trendline signals the major trend reversal.
- A bullish crossover between the 50-and-100-day Exponential moving average could future accelerate the LDO coin recovery.
Grayscale Backs Liquid Staking with New Lido DAO Trust
Grayscale Investments has reportedly launched the Grayscale Lido DAO Trust, offering investors a new avenue to gain exposure to LDO, the governance token of the leading liquid staking platform, Lido DAO.
Lido DAO plays a pivotal role in providing decentralized staking services, allowing users to maximize yields while maintaining liquidity. Following the announcement, LDO has seen heightened market activity, reflecting investor optimism about Grayscale’s entry as a potential growth catalyst for the token’s adoption and price trajectory.
Lido DAO Price Ends 11-Month Downtrend
Over the last five weeks, the Lido DAO price rallied significantly from $0.916 to $2.36, registering a 158% growth. The sharp uptrend reclaimed the key daily EMAs (20, 50, 100, and 200), accentuating a positive shift in market sentiment.
With today’s 22% price surge, the LDO price teases a bullish breakout from a downsloping resistance in a daily chart. Since January 2024, the falling trendline has acted as a dynamic resistance level, displaying the sell-the-bounce trend in market participants.
Thus, a successful flip of the overhead trendline into potential support could accelerate the bullish momentum and signal a major trend reversal. The post-breakout rally could push the asset 75% up to test the $4 high.
On the contrary, if sellers continue to defend the downsloping trendline, the LDO coin could prolong the current correction trend.
Also Read: Bitwise Predicts Bitcoin Price Will Hit $1 Million by 2029
