BitDAO Price Analysis: Will BIT Coin Show Breakout?

• BitDAO (BIT) is currently trading at $0.432356 with a rise of 2.24% in the 24 hours.
• The BIT price is increased by 7.29% in the last 7 days.
• The BIT market capitalization is at $626476982.

Trend Evaluation

By evaluating the price data of the BIT coin, it can be said that it is in a downtrend currently. The BIT price inclined by 7.29% in the last seven days and we can say that BitDAO performed well last week. From its peak price of $3.10 BIT crypto fell -86.11% in the last 1 year. The coin demolished the major investor’s wealth. The current market sentiments are not good about the coin. There is no huge volume in it (BIT). Buyers are not available in the present market scenario. Buyers are also not taking any interest in buying. The market is under the control of the bears.

BitDAO (BIT) Technical Analysis

The price of BitDAO (BIT) has slipped below 50 and 200 EMA, which suggests that the price is in a bearish trend. There is a possibility that the crypto value will fall further in the upcoming week if the seller continues to push the price down. The price has been consolidating near 200 days EMA which shows that bears are not in the mood to give power to bulls. A Bearish cross has also been seen in the chart between 50 and 200-day EMA.

The technical indicator MACD is also in the negative zone. The MACD line at -0.0202 and signal line at -0.0211 is below the zero line, suggesting the MACD is in negative territory, giving bearish signals.

The current value of RSI is 43.04 points. The 14 SMA line is currently below the median line, around 32.01 points which shows bearish sentiment in the market. The 14 Day SMA line below the median line indicates a bearish trend. The bearish sentiment spreads around the market as the price is currently at an oversold zone.

BitDAO Trendline Analysis:

The price has respected its significant trendline support, and it is going toward resistance. If the Bit price breaks the upper resistance, then it will go up to the next resistance and if it gets rejected by the resistance then it will come back to the current support.

Volume Analysis:

BIT’s crypto trading volume of 24 hours is $7530053, with a 40.70% increase in the last 24 hours. There is a  significant boost in the volume of the coin.

Technical Levels-

Support – The current support level of BIT is $0.388.

Resistance –The current resistance levels of BIT are $0.55.

Conclusion

BIT is facing a tough time in the market. The price action suggests that the price may fall more in the upcoming days if it broke its primary trendline support level. BIT price shows a pessimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD give negative signals about the BitDAO coin. The fear is growing among investors because of the bearish momentum of the coin. Recovery signs are not visible in the coin as well.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.