$LDO Token May Recover Over 1700% Says Analyst
Analyst Crypto Patel thinks Lido DAO's $LDO token has significant long-term potential. He predicts that after falling nearly 94% from its previous all-time high, $LDO could recover more than 1,700%. Currently trading around $0.29, the token is close to a proposed accumulation zone between $0.275 and $0.24.
The analyst believes $LDO is still in a multi-year descending channel, with price action showing lower highs and lower lows. A weekly close below $0.23 would invalidate the current setup, while a move above $0.47 would signal a possible trend change.
Crypto Patel thinks concerns around Ethereum's EIP-8361 proposal have contributed to $LDO's decline. The proposal aims to prevent staking from rising without limits and has sparked fears that lower $ETH staking rewards could reduce demand for liquid staking tokens like stETH.