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The Lido DAO is a Decentralized Autonomous Organization that has currently opened voting for Version two on the Ethereum mainnet. The voting process will end on May 15, LDO price has started its recovery.

Also read: Cardano price gears up for recovery after massive spike in social engagements

Lido DAOs token LDO started its recovery over the past week. LDO price climbed 3.2% over the past week, and the token is currently exchanging hands at $1.92, based on data from CoinGecko.

If Lidos vote passes then Lidos Version two will be implemented on the Ethereum mainnet. Lido has invited users to cast their votes in a recent tweet:

The proposal currently has 5.94% positive votes and 0% users are against the same.

Voting on Lidos proposal

The platform has $12.14 billion locked in its protocol, in Total Value Locked (TVL) based on data from DeFi Llama. The chart below shows a consistent spike in TVL of Lido, and the massive recovery since the FTX exchange collapse.

Lido TVL on DeFi Llama

The Version two rollout is key for Lido as it marks an upgrade since the protocols launch in December 2020. Whats more, users will be able to claim their staked Ether in exchange for stETH post May 15, marking a shift in the crypto landscape.

LDO is currently in a downtrend that started in March 2023, and the assets price is below the three Exponential Moving Averages (EMAs), 10, 50 and 200-day EMAs. The immediate resistance for LDO is at $2.018 and $2.132, two of three long-term EMAs.

Other key support and resistance levels in the long time frame from November 2022 is $2.289, $3.252 and $1.887.

LDO/USD 1D price chart

A decline below the support at $1.887 could invalidate the bullish thesis and the asset could nosedive to support at the Fibonacci level at $0.480.

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Lido begins recovery ahead of Version 2 rollout on the Ethereum blockchain, heres where LDO is headed - FXStreet