BitDAO is a cryptocurrency that has seen a steady rise in its price since the start of 2023. Currently, it is trading at $0.5717 with an increase of 1.74% during the intraday trading session. The 24-hour low of BIT was $0.5619 and the 24-hour high of BIT was $0.5779. The current BitDAO price is above 20, 50, 100, and 200-Days EMA.
The price analysis of BitDAO suggests that it is in a bearish trend. Since the start of 2023, BIT is rising constantly like other cryptocurrencies. However, after reaching its primary resistance of $0.6022, it became stranded and is now consolidating between its primary resistance and primary support of $0.4916.
The appearance of long upper and lower wicks represents indecisiveness in the market. This suggests that long traders should close their trades and short traders should be ready for heavy selling. The decrease in volume indicates that the number of sellers has increased. If buyers push themselves then BitDAO can enter its supply zone. If sellers take over the market from buyers then they can push BIT back to its demand zone from where it started rising.
The technical analysis of BitDAO shows that the RSI is declining in the overbought zone which indicates that sellers are arriving and trying to take over the market. The current value of RSI is 56.80 which is below the average RSI value of 60.32. The MACD and MACD signals are intersecting and also not giving any definitive crossover but declining over the intraday trading session which indicates the weakness in the current uptrend.
The price trends for 2023 are bullish and can mark new highs from time to time. The price analysis shows the target level to be near $1, breaching all prior resistance levels. The holders keep a keen watch at a level of retracements to decide their further moves. If the target of $1 is achieved, it would form strong support for future surges.
The bulls and bears are both active in the session, but none of them could gain an upper hand over the other. The coin’s price is heading above the 20, 50, 100, and 200-day daily moving averages and the positive crossover of 20 EMA with 50, 100, and 200-days EMA shows that there is still strength remaining of buyers in the market.
BitDAO is currently in a bullish trend. After reaching its primary resistance, BIT got stranded and is now consolidating. The appearance of long upper and lower wicks represents indecisiveness in the market. This suggests that long traders should close their trades and short traders should be ready for heavy selling. The technical levels of BitDAO are resistance at $0.4916 and $0.2628 and support at $0.6022 and 0.7012.
Investing in or trading crypto assets comes with a risk of financial loss. Therefore, investors should always do their own research and use caution when making any investment decisions. It is important to remember that all investments carry some degree of risk, and investors should always be aware of the potential for losses.
