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- 1 BitDAO has a treasury of $3.427 Billion which has climbed by more than $1 Billion in just 2 months.
- 2 BIT token price has been observing a weak upside trend in price.
BitDao wants to build a decentralized token economy and wants to level the playing field for everyone. The protocol is one of the biggest DAO focused on Defi and is managed by its holders. They aim to partner with existing and new projects through token swaps. They also aim to build core products which will help BitDAO and other DAO. BitDAO has no management or team and all the treasury is handled by their token holders.
BitDAO has a treasury of $3.427 Billion which has increased by $1 Billion in the past few months. The number of account holders of the BIT token has been seeing a weak surge. The Jump trading wallet has been observing a strong activity and is the 43rd highest wallets of the token. The protocol has been seeing a strong adaptation which can see a new high in the future.
BitDAO has a market cap of $790 Million and is ranked 52nd in the CMC. The volume of BIT token has seen a strong surge in the past 24 hours. The volume to market cap ratio of the asset price suggests a consolidated trend.
Is BIT Price Ready For $1?
BitDao coin price is seeing a bullish momentum on the weekly chart. On the daily chart, the token price is observing a strong recovery. BIT price is currently near $0.43 with a small gain in the intraday session. The upside trend of the asset price can see a halt near the value of $0.6. Meanwhile, the support of the asset price can be observed near $0.4. It is trading below the 50 and 100 Daily Moving Averages. If the price jumps above the 50 and 100 DMA, then a strong bullish momentum could be seen in future.
The RSI of the BIT token is near 40 with a positive slope in it. The overall sentiment of the RSI is bullish for the future.
Summary
The BitDAO treasury has been seeing a surge for the past few months. BIT token is currently in a weak recovery and can see a new high in the future.
Technical Levels
Major Support:$0.4
Major Resistance:$0.6
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
