DAO token has suffered & will suffer from its massive token unlock. Price suppression is obvious and we can expect it to not reach higher prices very soon.
As expected in my previous analysis, the DAO token release for private investors will cause huge selling pressure. I have charted possible scenarios for $DAO on the chart.
Let me know what you think.
P.S: $DAO is a strong project. It may not reach those low levels as private investors may lock up their tokens.
DAO is currently trading above the support zone of $2.22. If it can stay above this zone, we could start seeing a move towards $2.50, $2.69, $2.84 and $3.00. If the resistance at $3.00 breaks, we could start seeing a move towards $3.20, $3.48, $4.27, $5.54, $6.82 and $7.61. Failure to hold the support at $2.22 could lead to a drop towards $1.89.
I'm looking at the DAO/USDT chart and making an educated guess on the bottom for DAO Maker during this correction.
My buy target will be set just above $5 to give a little cushion, but I believe that this could drop down to $4.81 if BTC continues down to $47k or even $43k over the next few days.
It's a great buy for the long-term as they are only just getting...
Currently, it has been able to do breakouts and pullbacks with the support of MA50. It can test the green trend and resistance. After retesting on the trend, it can start its upward trend for the above goals.
Please like the analysis
