BITDAO token price analysis: BIT token price surges to hurdle

The BIT token price rose to the supply zone with strong demand from the support area.
The token price is forming a rousing bottom pattern in its daily time frame.
The pair of BIT/BTC is translating at the price level of 0.0000255 with an increase of 2.31% in the past hours.

BITDAO token price hovers at the supply zone as it manages to hold the long term demand zone which led to a strong reversal from the bottom. This movement has caused havoc as the volumes surged leading to volatility.

BITDAO token consolidates at the supply zone

The BIT token price is on the rise as it managed to bounce off the demand zone with strong bullish pressure. The token price has shown a strong movement following a bullish candlestick formation on a daily time frame. BIT token price is forming a higher high and higher low formation on a daily time frame.

BIT token price is trading at the upper band of the Bollinger band indicator after bouncing off the lower band of the Bollinger band indicator. The token price has also gone past the 15 EMA indicating a strong bullish momentum in the upcoming trading days. Moving upwards if the token price sustains at the supply zone, the indicator can be seen supporting the trend.

The BIT token price has gone past the important 50 and 100 Moving Averages. This comes after the overall cryptocurrency market turned bullish. Moving upwards the token price can be seen taking the support at these MAs. Support from the bulls indicating the authenticity of the recent bullish move.

The BIT token price is forming a rounding bottom pattern on a daily time frame

The ADX curve as the token price is shown shows a bullish move on the bullish trajectory. At present, the ADX curve is transacting at the price level of 16.92. This is due to the token price losing strength in the bullish movement and not able to make the supply zone. If the token price breaks the supply zone, the ADC curve can be seen moving upwards supporting the trend.

MACD indicator is bearish despite the bullish trend and thus investors should remain cautious. BIT token price breaks the supply zone, then the MACD indicator can be seen triggering a bullish crossover where the blue line can be seen crossing the orange line on the upside. If the token price continues in the bullish zone, then the MACD line can be seen riding supporting the trend.

The BIT token price can surpass the supply zone, then the super trend indicator can be seen acting as the demand zone moving forward. At present, the super trend buy line is acting as a strong demand zone, and if the token price targets to break the supply zone then the super trend indicator can be seen forming bearish signals.

Conclusion: The BIT token price is on a rise and is yet to break the supply zone. As per the price action, the token price is bullish but the technical parameters are indecisive. Therefore it remains to see if the token price breaks the supply zone or fails to do so and falls.

Support: $0.53 and $0.49

Resistance: $0.61 and $0.69

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.