Crypto News US

• BitDAO price prediction highlights the bullish recovery which came after the correction
• BIT price recorded a year-to-date growth of 31.46%
• BIT token is trying to recover from its swing low of $0.4043.

BitDAO’s price prediction highlights the correction phase of the BIT token, which began after the price surged to $0.6482. The market witnessed a bullish rally of 138% from its swing low $0.2766 at the start of the year 2023. It was followed by rejection at the resistance and the price fell 40% before recovering to its current market price.

At the time of writing, the current market price of BIT is $0.4444. The 24-hour trading volume surged by 43.27%. The market is up by 3.36% in the last 24 hours. The overall market cap of BIT tokens is $819,773,609.

Can BitDAO Break Above the 200EMA?

BitDAO price prediction shows that the price started falling in February 2023. BIT crypto briefly dipped below the support $0.4083 before making a bullish comeback. The market witnessed a bounce of 42% to the 200 EMA before falling 13% to its current market price.

The recent volatility gave multiple opportunities for investors but also stopped many traders forcing them to book losses. The volume bars suggest that buyers showed decent participation hinting at the end of the correction phase. Bit token is now trading between the support and resistance of $.4083 and $0.4686.

The Price Appears to be Bullish in Short Term

Analyzing the 4-hour chart reveals that the market has created higher highs and higher lows. The price appears to be in an uptrend in the short term. The high buying volume is pointing to the investors’ interest at these price levels. BitDAO price prediction has retraced to the 50% level of Fibonacci retracement.

The Bulls may try to push the price up from here. It’s important to note that the price is trading close to the 9,15 and 200 EMA. The market may move sideways before moving in any direction. A clear uptrend can be established if the bulls break the recent swing high and continue moving up. Investors can wait for more confirmation before considering any investment.

RSI: The RSI indicator is currently at 55.36 on the 4-hour. The price is in bullish territory and the market is strong. The prices are expected to move up until RSI crosses 50.

MACD: MACD made a bullish crossover. The MACD and the signal line is about to cross the  0 line. This means the bulls are gaining momentum which may push the price up.

200 EMA: On the 4-hour chart, the price is trading very close to the 200 EMA. The 200 EMA is flat. These two factors represent a scenario of a sideways market, where the prices move in a range with less momentum.

Conclusion:

BitDAO’s (BIT) price prediction highlights the correction phase of the BIT token, which began after the price surged to $0.6482. The Bulls showed up and managed to push the prices above the support of $0.4648. The market may consolidate in the short term before moving in a direction. If the uptrend continues, the price can reach the resistance of $0.6482. The investors can wait for the price to break above the resistance with volume to consider buying, with proper risk management.

Technical Levels

• The nearest support level: $0.4406
• The nearest resistance level: $0.4648

Disclaimer:

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