- BitDAO(BIT) is trading at $0.4438 with a Market Cap of $818,191,092.
- The Volume for BitDAO rose by +35.44% in the last 24 hours resulting in $10,454,623.
- Based upon the current activity, the volume/MarketCap liquidity for BitDAO is 1.29%.
BitDAO(BIT) has been trading with a low/high range of $0.425643 / $0.447231 in the last 24 hours. BitDAO is also taking rejection from the higher levels creating a trendline on the higher levels.
BitDAO (BIT) is a self-governing entity that aims to create a fair and distributed token economy for everyone in the world. BitDAO seeks to collaborate with current and new projects by exchanging tokens, working together, and providing financial support.
The all-time high price for BitDAO is $3.10 and the market is currently trading with a decline of -85.59% from the all-time high formed on Nov 12, 2021. The Market Cap dominance for BitDAO is 0.053% as per Coingecko.com.
BitDAO Technical Analysis
Market Structure:
BitDAO price has been struggling to rise above the higher resistance levels recently, forming a dynamic resistance trendline blocking the BIT bulls. The market is trading under the trendline, showing low enthusiasm and trust among buyers. To turn the trend around and continue the uptrend, BIT has to break above the resistance level and stay above it daily. This would indicate a shift in the market mood and bring more buyers to increase prices.
BitDAO Indicator Analysis
Source: BITUSD. COINBASE.1D by TradingView
EMA:
BitDAO(BIT) is trading below the 20-day and 50-day Exponential moving average following a bearish crossover resulting in a downtrend.
RSI:
The RSI is declining from the overbought zone and is currently sustaining below the 50 level, representing a market weakness. The RSI can also diverge from the price resulting in trend change or continuation hence we must wait for a pattern confirmation.
Conclusion
Looking at the BIT chart, we can see that the market is in a downtrend, making lower lows. The RSI is showing signs of weakness, and the market is trading in a bearish EMA crossover hence, we need to wait for the trendline breakout for any bullish momentum till the moment the market looks weak and bearish and can show new lower levels in the future.
Technical Levels
- Support Level – 0.4276 and 0.3597
- Resistance Level – 0.5191, 0.5600 and 0.6436
Disclaimer
The information in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
