Lido Surges 15% – Will ‘Uptober’ Bring More Gains for LDO?

Christian Encila

8 months ago

2 mins read

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The Lido DAO (LDO) is currently turning heads as the token surges before the end of the month further strengthening retail interest in the token. Although the market dipped slightly today, LDO jumped by 17% since last week, representing a strong increase in bullish on the token.

As September ends, investors are waiting on the much anticipated ‘Uptober’ which would supposedly bring gains. With bullishness on the market solidifying in the coming days, the market might be in for a wild ride.

Rejection At $1.3: Boon Or Bane?

LDO’s current trajectory has been rejected by the $1.3 crucial resistance as it attempts to have a breakthrough while targeting the $1.6 in the medium term. This rejection might be a sign of bad things to come as it can drive the token’s momentum toward $0.91 in the short term. Although LDO is still considered to be highly correlated with the broader crypto market, some room remains for the token to have movement independent of the market.

As it currently stands, Uptober might still be around the corner despite the token’s weak support. Investors and traders are currently anticipating this phenomenon where the start of October brings gains for investors. However, LDO may suffer before those gains hit LDO holders.

The sharp increase in LDO is reflected by the token’s relative strength index (RSI) where LDO is seen nearly reaching a soft peak. This may not bode well for the token’s short-term prospect as it signals that LDO bulls have exhausted their momentum and the risk of a bearish reversal jumped by a significant margin.

LDO is currently trading at $1.31. Chart: TradingView

In this case, Uptober for LDO might be delayed by a couple of days as the token has a higher chance of retracing back to $0.91 in the short term. However, if the token does move toward the latter, it may have enough strength to have a breakthrough while targeting $1.6 in the medium to long term.

Lido Announces Start Of New GOOSE Period

In a recent X post this week, the official X account of Lido announced that the platform’s Guided Open Objective Setting Exercise (GOOSE) cycle is launching. The goal of the GOOSE framework is for the creation of goals that are aligned with the mission and vision of the Lido DAO. These goals are usually attainable in 1 year with the longest being 3 years.

GOOSE allows the Lido DAO to incorporate community-set goals to be featured in its planning for the platform, ensuring decentralization while making sure that the features that will be built on the platform are what the community needs or wants.

The submission period has already started this September 24 and will end in October 8.

Featured image from Medium, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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