BitDAO Price Prediction as BIT Rallies 13% – How High Can BIT Go?
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 eyes a breakout to $0.80 following a massive rebound from support at $0.26.
BitDAO recently started a voting exercise on a proposal called the BIT Purchase Program, strategically designed for the DAO’s deployment. The voting started a week ago but concluded on January 1 with a pass.
According to CoinStats, BitDAO Treasury will keep holding $300 million USDT/USDT and 270,000 ETH to cater to the development of BIT products over the next five years. The community is now looking forward to the target daily purchase amount (TDPA) of 2 million USDT. The program started on January 1, 2023 and will run for 50 days for 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.
After BitDAO price bounced off support at $0.26, buyers reached out to face crucial resistance levels at the 50-day Exponential Moving Average (EMA) (red) in confluence with the falling dotted trendline.
As the Relative Strength Index (RSI) climbed the ladder from the oversold region (below 20.00), more buyers came from the sidelines to capitalize on the move to $0.40 and $0.80, respectively.
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 currently requires a little push to overcome the
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