Price of BitDAO (BIT) Has Surged Over the Last 24 Hours

• BitDAO prints an astonishing 11.39% gain over the last 24 hours.
• BIT’s price now stands at a resistance level of around $0.3393.
• Technical indicators suggest that the impulse move may be cooling down.

With the majority of crypto prices in the market printing losses, BitDAO (BIT), is one of the very few cryptos that has actually printed a gain over the last 24 hours. According to CoinMarketCap, the price of BIT has risen a remarkable 11.39% over the last 24 hours. This has elevated its price to trade at $0.3354 at press time.

Not only has BIT been able to strengthen against the US Dollar, it has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 11.71% and 11.57% respectively.

The daily trading volume for the altcoin has surged 263.74% over the last 24 hours. This has taken the total volume to $42,807,736.

Looking at the daily chart for BIT/USDT, the price of the altcoin was able to completely blow past the 9-day and 20-day EMA lines. It was, however, unable to break past and maintain a level above the current resistance level at around $0.3393.

The 9-day EMA has crossed bullishly above the 20-day EMA line during this upwards impulse. This bullish flag is accompanied by another bullish flag present in the daily RSI indicator. At press time, the daily RSI line is positioned above the daily RSI SMA line. In addition to this, the daily RSI line is sloped positively towards the overbought territory.

The slope of the daily RSI line is not as steep as it was in the move, which could be an early indication of the bullish move cooling off.

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