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- 1 Bitdao is currently trading at $0.4889 while witnessing a decrease of -2.16 during the intraday session.
- 2 Bitdao price is currently trading below 20,50,100 and 200-day EMAs.
- 3 The 24 hour trading volume has increased by 10.38% at the time of writing.
Bitdao price is hovering near the demand zone after receiving rejection from $0.5274 level. Bitdao started its bullish rally during the beginning of 2023 creating a high at $0.6424 level from the low of $0.28 level. The uptrend pushed price approximately 125% from the low.
The rally was pretty impressive for investors as the price was trading at a low level of $0.2. On March 15, Bit price again touched highs of $0.6418 levels and came straight down on the same after facing severe rejection. Bit price is currently stuck in a consolidation zone ranging between $0.47 and $0.56.
Recent news regarding 1.95% of BIT’s will be unlocked on may 5 and may 15 respectively. The token unlocks are bearish for the price and due to increased supply, BitDao might lose value. Bit token unlock event could negatively influence the price as price has already started to turn bearish.
The price is currently trading below 20,50,100 and 200-day EMA indicating strong bearish momentum in the market. If the price can break below the support level of $0.47 level, there is a higher probability for the price to fall downwards to $0.45 which has previously held the price. On the other hand, if bulls are able to defend $0.47 level and there is an increase in participation of bulls in the market, there is a higher probability for Bit price to again retest $0.56 level. The YTD return gains are still on the green side with 42.96% return while the weekly and monthly have turned red as price started to turn bearish.
Will BitDao price cross $0.47 level?
RSI touched 50 mark and took a downturn reaching 43.86 indicating influence of bearish sentiment in the market. The chaikin money flow score is 0.19 indicating strength is left in the market but the bearish momentum is increasing which might push CMF below 0.
BitDao price has received rejection from the 20-day SMA indicating bearish momentum in the price. Price is headed towards the lower band of bollinger which resides near the demand zone. The longs/shorts ratio is 1.12 with 52.75% longs and 57.25% shorts indicating bulls are entering in the market to protect price from breaching the support of $0.47 in the last 24 hours.
Conclusion:
The market structure and price action for BItDao has turned bearish after receiving rejection from the $0.5274 level. Technical parameters are showing that the bulls are trying to defend the support level. BitDao unlocks could lead to decrease in the crypto currency price in upcoming days due to the unlock that is going to happen on May 15.
Technical levels:
Major support: $0.47 and $0.45.
Major resistance: $0.5124 and $0.56.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
