DAO Maker Price is Going to Zero and Crypto Whales are Stacking Launchpad XYZ as a Better Alternative– What Do They Know?
The DAO Maker (DAO) price has been caught in a downward spiral since falling below its 100-day moving average on May 13.
However, certain signals suggest the sell-off may be nearing an end and a reversal could be on the horizon.
The DAO Maker price is currently trading at $1.153, down by 0.58% so far today as the bearish trend persists.
DAO is still trailing below its 20-day EMA and 50-day EMA which are at $1.305 and $1.394 respectively.
However, taking a closer look at the RSI, a bullish divergence appears to be emerging. An RSI value of 28.86, though lower than yesterday's 29.22, is nonetheless hinting towards an oversold condition.
Generally, an asset is considered overbought when the RSI is above 70 and oversold when it is below 30. DAO’s low RSI indicates that the selling pressure could be nearing its end.
Adding to this, the MACD histogram has declined slightly to -0.01430 from -0.01399, signaling an increase in bearish momentum. Given that the change is minor, it may not warrant any immediate concern.
The imminent support area lies between $1.089 and $1.109. This range presents an interesting opportunity for DAO to consolidate before a potential bounce.
If the bullish divergence on the RSI chart comes into play, it could propel DAO back towards its immediate resistance, the 20-day EMA at $1.305.
While indicators flash clues for traders to interpret, the price resounds loudest in the end.
For DAO Maker, the price action will confirm or refute whether negative momentum has stalled or intensified.
In the volatile cryptocurrency markets, monitoring price movements rather than indicators is the most reliable approach to steer through unstable conditions. Price reflects everything, and leaves no space for debate.
As the bearish
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