Lido DAO Token Price Could Soar by Over 1,700% According to Analyst

Analyst Crypto Patel thinks Lido DAO's (LDO) token price could surge by over 1,700% from its current level after plummeting nearly 94% from its all-time high. He believes LDO is sitting in a high-risk accumulation zone and warns that the bearish structure remains intact until it reclaims major resistance levels.

LDO's recent weakness has been linked to concerns around Ethereum's proposed EIP-8361, which aims to prevent staking from rising without limits. Developer Jerome de Tychey said on August 5 that the proposal is still an early draft and has a long process before any possible implementation.

Crypto Patel points out that LDO is currently trading around $0.29, close to his proposed accumulation zone between $0.275 and $0.24. He suggests that a weekly close below $0.23 would invalidate the current setup, while a move above $0.47 would signal a possible trend change.