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’s BIT Purchase Program Commences After a Successful Voting Exercise
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.
BitDAO Price Uptrend Stalls Under $0.40
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 resistance at $0.4, a move likely to pave the way for gains first to the 200-day EMA (in purple) at $0.4868 and later to $0.80 – a critical resistance in August.
The RSI cements the bullish grip on BIT as it closes in on the overbought region above 80.00. Traders must tread cautiously, keeping in mind that the price may need to retreat to seek more liquidity before it ramps up the uptrend again. Therefore, it would help to look for the possibility of a negative divergence in the RSI to confirm that a pullback may be around the corner.
The optimistic outlook for BitDAO price holds water in shorter time frames like the four-hour chart, as shown below. BIT sits significantly above all the major moving averages, including the 50-day EMA, the 100-day EMA and the 200-day EMA.
Similarly, the 50-day EMA has just crossed above the 200-day EMA, further cementing the bulls’ presence in the market. The RSI on the same four-hour chart adds weight to the bullish outlook while holding upward at 67.28.
Traders looking forward to buying BitDAO might wait until the price break and holds above $0.4. 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
The New Year is upon us, and it is time to plan for the next four quarters. Portfolio diversification is likely at the top of every investor’ priority list. Much optimism has been attached to 2023, but market conditions still say otherwise.
Hence, the need to expand our gaze to newer up-and-coming crypto projects with the potential to rally. Some of the tokens listed here could revolutionize key industries while shaping up the crypto space for the future.
FightOut (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 FightOut will be rewarded for completing workouts and challenges, earning badges and having an opportunity to grow within a community of like-minded people.
FightOut’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.
Visit FightOut Now.
Dash 2 Trade (D2T)
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.
Visit Dash 2 Trade Now.
C+Charge (CCHG)
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.
Visit C+Charge Now.
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