- DAO token price falls more than 40%, in the last two weeks, after breaching the $6 level
- The coin continues to trade below all major EMAs, and the increased trend momentum and higher selling pressure lead to more bearishness.
- The pair of DAO/BTC is trading at the level of 0.00009644 BTC with an intraday growth of 6.62%
DAO token price continues the downtrend after breaching the critical support level of $6; currently, it is trading below 50 and 200 EMA. After a recently found demand, the coin price is maintaining just above the $4 level. The live DAO token price today is $4.76, with a 24-hour trading volume of $11,382,16. It is up 2.40% in the last 24 hours. The current ranking of the coin is #411, with a live market cap of $95,184,695.
The last line of defence for DAO token is the $4 level.
Source – tradingview
DAO has been moving in a downtrend, in the 4-hour timeframe, after reversal from the $8 level. The increased selling pressure with the strong trend momentum did not give the bulls any chance to retaliate.
However, the coin price recently found support near the $4 level. The coin price has increased 2.40% in the last 24 hours, implying an up move in the coin price. The $4 and $3 are the immediate support, whereas the resistance level is $6. Investors might see a downtrend if the price closes below the $4 level in the 4-hour timeframe. The downtrend might lead to a 20% fall.
As per the daily and the 24-hour timeframe, the coin price trades below all the major EMAs, generating a sell signal, bearishness might continue till the coin price reaches the $3 level.
The relative strength indicator (bullish) at 34 is ready to head over to the overbought zone. The upward moving slope of RSI might face reversal near level 46.
The ADX reflects a static trend momentum since the slight pause in the downtrend while trading at 21.5, and the slope in ADX is moving sideways.
Conclusion – DAO token price exhibited the fallout of a descending triangle pattern resulting in the 40% fall. Investors must notice that the coin price is repeating the same kind of pattern with increased selling pressure. The breach of the $4 level might keep the bulls down for an extended period.
Support- $4 and $3