- 1
The MACD and MACD signal have intersected giving the positive crossover. - 2
The BitDAO has decreased by nearly 4.96% during the intraday trading session and the current price is $0.5224. - 3
The BIT/BTC pair is at 0.00001904 BTC and has inclined by 1.43%.
Both bulls and bears may suffer deadly outcomes because of BitDAO’s unsteady price. The buyers and bears are pushing the BIT price very aggressively to achieve their objectives. Investors find it difficult to forecast BIT’s future movements because of the shifting price range. The bearish tendency is stopping the coin’s possible rise from occurring. It will be fascinating to examine the market during this pivotal conflict because the bears are also exerting a lot of pressure.
The price of BitDAO is currently around $0.5224 and has decreased by nearly 1.45% throughout the intraday trading session. The BIT/BTC pair is currently inclining by approximately 1.43%, trading at about 0.00006103 BTC. If the bulls do not respond, the bears will be able to easily push the BIT price to its primary support of $0.4727.
And it might lead the price to drop to the secondary support at $0.2758. The price might gain upward momentum suggesting that buyers are getting in, as the price might approach the primary resistance level of about $0.5580 and might rise up to the secondary resistance of $0.6386
The market is being dominated by bulls. The bearish tendency is pulling BIT back down despite the bulls’ attempts to drive it upward, which is highly confusing for investors. The BIT’S volume has increased by 81.48%. This suggests that bulls are gaining control of the trade. And by introducing a strong bullish trend, the bears risk suffering a fatal loss if they ignore it. We’ll see if the bulls or the bears prevail. For BIT, the volume-to-market-cap ratio is 0.0134. The bears need to exert more effort if they want to meet investor standards. The bulls will struggle to create a strong market for BIT because they want to destroy the bears.
Technical Analysis of BIT
The technical indicator shows that the bearish region of the Relative Strength Index (RSI) is getting closer. The current RSI is 47.26 and the average RSI is 46.50. Bulls have put a lot of effort into pushing the RSI into the overbought region.
The bears’ lack of movement, but allowed the bulls to get ready for their objectives and drove the RSI into the overbought region. The bears must exert some additional effort to restore the RSI. The price of the cryptocurrency has been rising above the 100, 200 Daily Moving Average while remaining below the 20,50 Exponential Moving Average (EMA). Investors in BIT placed their trust in the bears to deliver on their hopes. The bullish tendency, however, is advancing investors’ hopes.
Technical Levels
Support Levels $0.4727 and $0.2758
Resistance Levels: $0.5580 and $0.6386
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.
Source: https://www.thecoinrepublic.com/2023/03/24/bitdao-price-prediction-will-bit-bullish-dominance-see-reversal/