Lido Finance’s DAO governance token LDO It started 2023 with a rise. LDO has gained attention by gaining 25% in just 2 days since the start of the new year. Investors, on the other hand, are trying to make sense of why this rise took place.
Lido Finance Beats Maker DAO
The rise in Lido Finance may have something to do with the revelation that it has taken the throne in the DAO space. According to market data, Lido has become the leader in its field, surpassing its biggest competitor, Maker, in the field of DAO governance.
With its TVL (Total Locked Value) rising to $5.98 billion, Lido Finance surpassed its $5.93 billion rival Maker. Maker is known as the issuer of DAI, one of the largest stablecoins in the market.
The price of the native token LDO may have increased due to this success of the Lido DAO.
LDO Technical Analysis
LDO, which fell below $ 1 with the bankruptcy of the FTX exchange, followed a horizontal trend in the last two months of the year. However, with the beginning of 2023, this horizontality seems to have come to an end.
Starting 2023 by exceeding the $1 psychological limit, LDO managed to pass even though it lingered for a few hours at the $1.16 resistance in the first hours. LDO then faced the resistance at $1.27, the November-December high.
LDO didn’t hit the initial resistance but faced a hard sell at the $1.27 resistance. The critical level for LDO, which fell to $1.20 with the incoming sale, is $1.15. If LDO falls below this support, it can drop to $1 again.
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