BitDAO Price Prediction: BIT is in the Indecisive phase?

The current price of BitDAO was around $0.5717 with an increase of 1.74% during the intraday trading session. BitDAO price analysis suggests that it is in a bearish trend. Since the start of 2023 BIT is rising constantly like other cryptocurrencies. But 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.

There are many candles with small bodies and long wicks which shows that both bulls and bears are active in the session, the bulls were driving the price up which is seen by the long upper wicks, while the bears are driving the price down, which is indicated by the long lower wicks. However, none of them could gain an upper hand over the other.

Source: BIT/USD by TradingView

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 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.

The technical analysis of BitDAO:

Source: BIT/USD by TradingView

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.

What’s for 2023?

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.

Conclusion

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 sort trailers should be ready for heavy selling.

Technical Levels

Resistance level- $0.4916 and $0.2628

Support level- $0.6022 and 0.7012

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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