FxWirePro- LDOUSD (Chart of the day)

The Lido DAO is a Decentralized Autonomous Organization that decides on the key parameters of liquid staking protocols through the voting power of governance token (LDO) tokens. It allows users to earn staking rewards without locking assets.

Lido DAO Liquid staking protocol involves three process

Staking- Stake any amount of your token to access daily staking rewards

Minting- Receive stETH based on the amount of ether deposited into protocol combined with staking rewards, minus penalties at a 1:1 ratio.

Yield using sETH- Use your strokes across DeFi to compound more to your daily staked rewards.

LDOUSD showed a minor pullback after a minor sell-of

Any daily close above $4.10 confirms further bullishness.

LDOUSD jumped more than 40% in the past two days. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $2.424 and is currently trading around $2.272.

The bullish invalidation can happen if the pair closes below $1.40. On the lower side, the near-term support is $2. Any break below the target is $1.70/$1.40. Any violation below $1.40 targets $0.90.

The immediate resistance stands at around $2.50. Any breach above confirms bullish continuation. A jump to $2.70/$3 is possible. A surge past $3 will take it to $4.

It is good to buy on dips around $2 with SL around $1.40 for TP of $4.

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