10 June 2023 : In this article we will walk you through BitDAO price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for BitDAO, Is BIT a good investment? BitDAO support & resistance levels etc. But before diving deep into the BIT technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,043,024,789,031. The total trading volume stands at $48,482,745,808. Bitcoin shares 47.72 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $25,651.97 level after a decline of -4.05%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -6.01 percent reaching to $1,742.24 during the previous 24 hours.
While publishing this blog, BNB traded at $236.17, following a price change of -10.45%within the same time frame. XRP the native coin of XRP is down by -9.31 and currently trading at $0.49. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of BitDAO (BIT)
|BIT Resistance Levels||BIT Support Levels|
|Resistance Level 1||$0.45||Support Level 1||$0.42|
|Resistance Level 2||$0.46||Support Level 2||$0.41|
|Resistance Level 3||$0.48||Support Level 3||$0.40|
The daily chart of BitDAO shows that the BIT price has a downward movement with a -9.31% decrease in past 24 hours. The price value of the BitDAO (BIT) coin is standing at $0.44 with market capitalization $802,430,517.00 USD. BIT price changes -12.44% over the week while the trading volume is hovering around $6,636,451.00 USD.
BIT price analysis for 10 June 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the BitDAO.
|Simple Moving Average (10)||0.44||Sell|
|Exponential Moving Average (10)||0.44||Sell|
|Simple Moving Average (20)||0.46||Sell|
|Exponential Moving Average (20)||0.46||Sell|
|Simple Moving Average (50)||0.52||Sell|
|Exponential Moving Average (50)||0.52||Sell|
While BIT’s Williams %R indicator is at -52.335 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. BIT has a nearest resistance of $0.45. A bullish breakout in this resistance level would boost the uptrend momentum. The buyers could then target the resistance R2 placed at $0.46. Alternatively, if the investors turn against the BitDAO (BIT), the bears might control the market and take BIT price below the crucial support level of $0.42. The Relative strength index (RSI) for BIT Coin is currently hovering at 23 for 14-days average line, which means BIT is in oversold zone and a trend reversal is possible. The BIT/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market.
As of now, BitDAO is not doing well and is trading in reddish zone. In order to invest in the digital currency, crypto investors want to see the BIT move into the positive zone. In 2022 and beyond, the BitDAO price has a significant likelihood of rising. It's important that you do your own research before making a decision on whether or not this is a smart investment for you.