• Lido DAO is up roughly 4% on Thursday, extending a steady recovery of around 20% so far this week.
• Speculative demand is on the rise as LDO futures Open Interest rises 30% over the last 24 hours.
• The technical outlook for LDO is bullish as buying pressure builds. 

Lido DAO (LDO) extends a four-day rally with nearly 4% gains on Thursday, emerging as a top performer so far this week. Speculative demand for the LDO token is on the rise, increasing its Open Interest by 30% over the last 24 hours amid ongoing on-chain voting for the LIP-33 and LIP-35 mainnet upgrades. 

Technically, LDO must exceed its 200-day Exponential Moving Average (EMA) near $0.4076 around $0.4076 to reinstate a bullish trend reversal. 

Retail demand builds amid voting over Lido DAO’s mainnet upgrades

Lido DAO is gaining retail strength ahead of its new mainnet upgrades, LIP-33 and LIP-35, which include new versions of the curated module and community staking module v3. The on-chain voting for these upgrades will end on Friday, 14:00 UTC. In addition, off-chain voting for user proposals, called Snapshots on Lido, for a permissionless module for validators and a penalty framework for node operators is also live. 

CoinGlass data show that LDO futures Open Interest (OI) is up 30% over the last 24 hours to $75.14 million, indicating a significant surge in leverage-driven positional buildup. The funding rate of 0.0044% remains positive but down from 0.0093% the previous day, indicating a drop in bullish demand. At the same time, the volume is up 45% to $110.03 million, reaffirming increased trading activity, likely driven by speculation around its recent recovery.

Technical outlook: Will LDO rise to $0.40?

Lido DAO extends a steady recovery above its 50-day EMA at $0.2992 over the last four days. At the time of writing, LDO is up roughly 4% on Thursday, potentially targeting its 200-day EMA at $0.4076.

From a technical perspective, the 78.6% Fibonacci retracement, measured from $0.4700 to $0.2341, at $0.4048, reinforces the overhead 200-day EMA barrier. A decisive close above this zone would target the previous swing high near $0.4700.

Momentum is stretched, with the Relative Strength Index (RSI) at 76 hovering in overbought territory. At the same time, the Moving Average Convergence Divergence (MACD) holds an upward trend with its signal line in positive territory, together hinting that buyers remain in control amid risks of corrective pauses.

Looking down, the 50% retracement at $0.3317, followed by the 50-day EMA at $0.2992, serves as support levels.

(The technical analysis of this story was written with the help of an AI tool. Know more.)