Most utility and decentralized exchange cryptocurrencies have registered massive gains in recent weeks. The official Bybit exchange’s cryptocurrency – Bit DAO has followed suit lately and has returned over 80% of its value in just two weeks.
Starting with OKB, BNB, and others, Bit DAO is another interesting cryptocurrency that is worth paying attention to in the latest overall market recovery.
In late 2022, BIT found a local bottom at $0.275 – which was a retest on the four-month resistance line – and quickly jumped above $0.30. The asset traded around the $0.35 level for days before it broke out of the structure (marked orange) earlier this month from a short-term perspective.
The impressive rally continued as it flipped several price levels to reclaim the last November’s resistance level of $0.45. The price later hit 0.477 yesterday before closing a bit lower. Today, it resumed positive actions and changed hands at $0.47 at press time.
However, it is likely to drop shortly to retest the orange area marked on the daily chart and then start a fresh increase. If BIT fails to drop and continues to find support above the mentioned reclaimed resistance – now support level – it could consolidate and most likely advance higher.
Aside from Bit DAO, altcoins like Solana, Gala and Zilliqa have recently soared to their new three-week high during this period.
Bit DAO Key Level To Watch Out For
In case of a retest, the first level to maintain in mind below the holding support of $4.5 is $0.4. The next key support level lies at $0.35. If this level fails to produce a rebound, beneath it lies the psychological level of $0.3, where the price first surged through.
Considering the weekly increase, a continuation of this rally may send the price to a vital $0.5 resistance level in the next couple of hours. The $0.55 and $0.6 resistance will be next if the price continues to increase for the rest of the week.
Key Resistance Levels: $0.5, $0.55, $0.6
Key Support Levels: $0.4, $0.35, $0.3
- Spot Price: $0.47
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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