The Unexpected Development in Altcoin The Price Soared!

Cryptocurrency market continues to deteriorate BitDAO (DAO) has managed to rise in the last 24 hours. BIT rallied 11.39%, pushing its price as high as $0.3354.

In addition to rising in US Dollars, BitDAO, which also gained value against BTC and ETH, managed to become the star altcoin of the day. Rising by 11.71% and 11.57%, respectively, BIT is also very active in transaction volume. Volume increased by 263.74% in the last 24 hours to $42,807,736, according to CoinMarketCap data.

BitDAO

Based on BIT/USDT daily chart altcoin The price managed to cross the 9-day and 20-day EMA lines. However, it failed to break above the current resistance ($0.3393).

Koinfinans.com As we reported, the 9-day EMA rose above the 20-day EMA line during this uptrend. This bullish flag is accompanied by another bullish flag found on the daily RSI indicator. At the time of writing, the daily RSI line was positioned above the daily RSI SMA line. In addition, the daily RSI line appeared to be positively sloping towards the overbought zone.

As a matter of fact, since the outlook on the RSI is not clear enough, the bullish sentiment seems to have diminished.

Why Is BitDAO Rising?

BitDAO soared just ahead of a $100 billion buyback program approval. Your proposal has already exceeded the level at which it should be voted on. If there are no problems in the last moments, the decision will pass. Buybacks will begin on January 1st.

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