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- The BitDAO token has been showing an uptrend over the past several days.
- The BIT token is approaching the middle band of the Bollinger Bands indicator on the daily price scale.
- The pairing price of the BitDAO token with Bitcoin is down 5.4% at 0.00003014 Satoshis.
The BitDAO token has performed surprisingly well over the past few weeks. Price action attracted a rounding bottom formation near 2022 lows on the daily price scale. Buyers are looking weary near the 60-day top, so a correction phase occurs this week for the BIT token.
After spending a month in the middle of the horizontal range near the bottom level, buyers regained their dominance over the BIT token. As a result, investors were engrossed in the celebration of over 60% gains in July. Conversely, buyers failed to manage higher stability for the coin near the $0.80-resistance level.
The altcoin is trading under selling pressure from the bears. Thus the token is trading at the $0.69 mark at the time of writing. This retracement phase could prompt the sellers to revisit the important $0.50 support level further. Furthermore, the price of the BitDAO token pairing with Bitcoin is down 5.4% at 0.00003014 Satoshis.
Buyers have a Support Leval at 100-DMA
As per the CMC, the market cap of the BitDAO token fell by 6.5% to $1.5 billion in the last 24 hours. The trading volume increased by 26% during the retracement phase last night. If trading continues amid low momentum, the situation will be very difficult for the bull market.
The significant moving averages on the daily time frame are the 20,50 and 100 DMA. Furthermore, buyers hardly keep the asset price above the 100 DMA. But the RSI indicator is about to retest the semi-line after a breakout from the overbought zone.
Conclusion
The BitDAO token is looking bearish after retesting the resistance level. Buyers only have support at the 100-DMA to protect themselves from another selloff. Furthermore, the RSI indicator is indicating weakness for the BIT token.
Support levels – $0.50 and $0.40
Resistance levels – $0.80 and $1.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
