BitDAO Price Prediction: Will BIT Price reach $1.00 by 2023 end?

• BitDAO Price Prediction suggests a long-term rise until the price holds a $0.4000 level.
• BitDAO Price struggles to sustain above the 50 and 200-day EMA. 
• BIT Price seems to be stuck in a narrow range. 

BitDAO Price Prediction favors the bulls and suggests a rise till it sustains above $0.400 support. BitDAO Price seems to be consolidating in the narrow range between $0.4500 to $0.5634 and is likely to break either side soon. 

BIT Price has dropped below the 50 and 200-day EMA showing the positional trend is in a downward direction. However, the EMA is sloping sideways indicating prices lacked direction and are likely to consolidate for some more time. 

The trading volume in the BitDAO crypto is in a declining phase denoting buyers are hesitating at the current levels. However, the price is near the demand zone and the downside seems to be limited. 

BitDAO Price is trading at $0.4853 with an intraday rise of 1.00%. The 24-hour volume-to-market cap ratio is 0.0056. At the mid of February, BIT Price attempted to break the 0.6000 level. Sadly, the attempt failed and prices witnessed minor profit booking from the higher levels. Therefore, $0.6000 will act as a strong supply zone in the coming months. 

The downfall halted near $0.4500 and buyers tried to recover the losses but it entered into consolidation. BIT Price has tried multiple times to break the higher range but gets rejected denotes sellers are still active and dominating on the higher levels.

Will BitDAO Price defend $0.400 support?

BitDAO Price has consolidated a lot which shows that responsive buyers are also active at lower levels. Therefore, it will be difficult for the sellers to pull the price further down. However, the crypto market leader Bitcoin and Ethereum is turning bearish which might negatively impact the prices of other Altcoins. 

If the buyers succeed in defending the $0.4000, the probability of the rebound will increase. On the other hand, if the price drops below $0.4000 then it may raise concerns for long-term investors. 

The next directional move will come when buyers can break the $0.6465 hurdle. Else the prices will remain in consolidation. The technical analysis suggests BitDAO Price is in short-term correction mode, and more downside is possible. 

BIT Price on the weekly timeframe

BIT Price forming a Doji candle on a weekly time frame indicates prices lacked direction. BIT price is near the lower range of consolidation and buyers are trying their best to defend the range. 

The technical indicators like the MACD curve are sloping sideways and both the lines intersect with each other. It denotes prices are expected to consolidate for some more time. The RSI at 43, also sloping sideways, represents neutral territory and an equal level of a tug-of-war between buyers and sellers. 

Conclusion 

BitDAO Price Prediction favors the bulls and suggests a rise in the long term. Till the price holds $0.400 support, the probability of rebound remains high. However, technical analysis indicates the BIT price is in the short-term correction mode, and more downside is possible. 

Technical levels

Resistance levels: $0.5634 and $0.6465

Support levels: $0.4024 and $0.2674

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.