BitDAO Price Prediction as BIT Rallies 13% – How High Can BIT Go?
The BitDAO price is among the few crypto assets starting the New Year with gains towering above the cryptocurrency space. The decentralized autonomous organization (DAO) token is eyeing a breakout to $0.80 following a massive rebound from support at $0.26.
BitDAO’s BIT Purchase Program Commences After a Successful Voting Exercise
BitDAO recently completed a voting process on the BIT Purchase Program, a proposal designed to support the development of the DAO.
The vote passed, and the BitDAO Treasury will hold $300 million USDT and 270,000 ETH to fund the development of BIT products over the next five years. The community is now anticipating the target daily purchase amount (TDPA) of 2 million USDT. The program began on January 1, 2023 and will run for 50 days, resulting in a total purchase of 100 million USDT.
In addition to supporting the development of the BIT product, the program will help reduce the network’s total supply, just like in traditional corporations – which often buy back shares or distribute excess capital to shareholders.
BitDAO Price Uptrend Stalls Under $0.40
The BitDAO price rose after encountering support at $0.26, as buyers tried to overcome significant resistance levels at the 50-day Exponential Moving Average (red EMA) and the falling dotted trendline.
The increase in the Relative Strength Index (RSI) has attracted more buyers to the market as it moves up from the oversold region (below 20.00). The current target for these buyers is the $0.40 and $0.80 levels.
The next move above the 100-day EMA (in blue) at $0.3643 opened the door for more gains, but overhead pressure at $0.40, reinforced by the falling trendline (continuous line), snuffed out the bullish spark, which slowed down the uptrend.
BitDAO is currently approaching a resistance level at $0.40, which if successfully overcome could lead to further gains toward $0.4868 and potentially even $0.80.
The Relative Strength Index (RSI) is indicating a bullish trend as it approaches the overbought region above 80.00. However, traders should exercise caution as the price may need to retreat in search of more liquidity before continuing its uptrend. It may be helpful to look for potential negative divergences in the RSI as a sign of a possible pullback.
The four-hour chart shows a positive outlook for BitDAO, with the token sitting above major moving averages and the 50-day EMA crossing above the 200-day EMA. The RSI on the same chart is also supporting the bullish outlook at 67.28.
Traders looking forward to buying BitDAO might wait until the price break and holds above $0.40. However, the ideal thing is to wait for a retracement to the support at the 50-day EMA on the four-hour chart, if not the near-term buyer congestion area at $0.36.
Altcoins to Consider in 2023
With the broader cryptocurrency markets having performed poorly in recent weeks, investors may be looking to diversify their holdings with the pre-sale tokens of promising, up-and-coming cryptocurrency projects.
Fight Out (FGHT)
A new Move-to-Earn (M2E) blockchain platform is coming up to bridge the gap between Web2 and Web3 users. FightOut presents a model not seen before among other M2E projects like SweatCoin, Step App and STEPN.
Users on Fight Out will be rewarded for completing workouts and challenges, earning badges, and having an opportunity to grow within a community of like-minded people.
Fight Out’s presale continues to perform exceptionally well, with $2.57 million raised. The team gives a 50% bonus for purchases before the $5 million threshold.
Dash 2 Trade (D2T) – Less Than 3 Days Left
Veteran traders and experts from Learn2Trad have come together to launch one of the crypto industry’s best analytics platforms. Dash 2 Trade aims to bring the same expertise to crypto markets by providing accurate trading signals and social analytics on on-chain data to maximize their profits at all times.
A strategy builder equipped with the latest technical indicators and with real-time data from top exchanges will see traders come up with backtested strategies that they can share with others in a social trading forum.
Dash 2 Trade presale is concluding slightly over three days from today, having raised $12.46 million. The presale is 90% complete, while D2T’s first CEX listing is for January 11.
C+Charge, a blockchain platform that hopes to democratize the carbon credit industry, is centered around enabling wider access to the carbon industry. C+Charge reckons that for the longest time, the carbon credit industry has been a preserve of big corporations such as electric vehicle (EV) manufacturers like Tesla.
Through this blockchain-based project, the C+Charge team believes it will open this industry to the masses. The CCHG token will be used to pay for charging services from an application dedicated to the ecosystem.
A carbon credit tracker will be installed in the same app where users will access information like payment options, locate charging stations and know real-time charge wait times.
C+Charge presale is underway, with $64k raised. Investors are currently buying 1 CCHG token for 0.013 USDT. Roughly 156 million tokens are left before the price increases to 0.0165 USDT.
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