Lido Price Forecast: LDO Token Rises After BitGo Adds ETH Staking Support
The Lido (LDO) token has gone up over 5% in the past day and is now rising for the fifth day in a row. This jump in price happened after BitGo, a top crypto custody firm for institutions, allowed its clients to stake Ethereum (ETH) directly through Lido. This news has increased excitement around the LDO token.
BitGo works with more than 2,000 institutional clients and manages over $100 billion in digital assets. Out of this, nearly $48 billion is already staked, and around $25 billion goes through Lido. This shows that Lido controls a large part of ETH staking and is a key player in the liquid staking space. Thanks to this partnership, institutions can now stake ETH and receive stETH (Lido’s staking token), while still using it in DeFi platforms.
Lido’s total value locked (TVL) has grown to about $31.8 billion, rising from $23 billion at the beginning of July. This growth shows increasing trust in liquid staking and DeFi opportunities.
From a technical view, the LDO token has crossed its 200-day EMA, a strong bullish signal. It is now testing resistance near $1.18. If it breaks above this level, it might rise toward $1.40. However, the RSI is above 70, which means the token is overbought and might face a small correction. Support levels are around $1.05 and the $1.00 psychological mark.
Impact:
LDO could continue its uptrend if demand from institutional ETH staking grows. But since it’s overbought, a short-term pullback near $1.05 might also be possible.