BITDAO price prediction: Bit price bouncing up from demand zone

• BitDao price is currently trading at $0.5092 while seeing an increase in volume by 495%. 
• BitDao price has been in a narrow consolidation zone since mid of march. 
• The 20-day EMA crossed the 50,100 and 200-day EMA negatively. 

BitDao is lingering in the same consolidation for almost one and half month ranging between $0.47 and $0.56 level. BitDao, the largest decentralized autonomous organization with Bit as the governance token that supports voting rights and voting power. The vision of BitDao is to create a tokenized economy that is open and available for everybody. 

The bullish rally for BitDao started at the start of 2023 from the low of $0.2550 and formed a high at $0.6424. The price rose approximately 148% in the span of two months but bulls lost the momentum causing a correction in the price due to active participation of bears on $0.64 level. BitDao price has retested the highs twice previously but were not able to break. 

BitDao price is currently headed towards a messy zone as price consolidated in that area and current candle has received rejection from the same. The year to date return of BitDao is 49.35%. BitDao recently released unification with the principle of ‘one brand, one token’. BItDao is taking a decisive step to address this need by proposing to fuse the entire ecosystem into the current L2 network, Mantle.

This move will bring out significant changes in the BitDao ecosystem as the Bit token will be changed to mantle token, the adoption of new token design, exchange mechanism and exchange channel. The existing governance and DAO will be then known as Mantle Governance. This major move revolves around user and developer engagement, web3 adoption and long term prosperity of $BIT. 

By applying the principle of ‘one brand, one token’, BitDao wants to position Mantle as a unified ecosystem brand with product focus, involving rebranding of product components under the mantle brand and adoption of mantle brand for  governance. 

BitDao technical analysis:

RSI trades at 49.91 in the neutral territory facing the same pressure from bulls as well as bears. The RSI has crossed the median line positively and is staying above the median line. Bulls need to protect the support of $0.47 as there is a possibility for the price to drop to $0.4170 level. On the contrary, if bulls significantly increase their participation and can break the highs of $0.56 level, there is higher probability for the price to retest the highs of $0.64 level. 

BitDao price reached the lower band of bollinger and bounced back above the 20-day SMA of bollinger. BitDao is currently showing a potential to retest the $0.56 level. The chaikin money flow score is 0.22 showing strength in the market. 

Conclusion: 

The market  structure and price action for BITDAO is currently bullish as the price has bounced back from the support of $0.47 level. The potential BITDAO upcoming changes shows a significantly good future for the price in upcoming months. 

Technical levels: 

Major support: $0.47 and $0.4170. 

Major resistance: $0.56 and $0.64.

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.