Lido DAO, the biggest Merge staking serve provider, has benefited from the craze simultaneously, with LDO, its governance token, rallying nearly 500% in the same period.
Notably, the total number of Ether staked into the Merge smart contract—also called ETH 2.0—via Lido has surged from 3.38 million on June 13 to 4.16 million on Aug. 3, according to DeFi Llama.Charts hint at LDO price rally ahead." This technical pattern typically appears during an uptrend, when the price consolidates lower inside a descending channel after a strong upside move.
LDO has been forming a similar pattern. On the daily chart, the token's price has been reversing course after undergoing a strong uptrend that topped at around $2.66 on July 28.As a result, the Lido DAO token now eyes a break above its current descending channel range, similar to the upside move that followed itsAs a rule, the bull flag's profit target comes to be at length equal to the size of the previous uptrend, called"flagpole," or $4 by September, up 65% from Aug.