HyperDAO (HDAO) today skyrocketed by over 245% to settle at around $0.1486 as the DAO’s hype (Decentralized Autonomous Organization) is one of the hot topics that are making the headlines in the crypto sphere recently.
As a result, its market cap is exchanging hands at around $69.6 million, with a daily volume of $17.5 million approximately, putting this token based in the Ethereum blockchain as a groundbreaker in the DeFi sphere as well over the last few weeks.
Since its launch in February 2020, HyperDAO has experienced a solid growth in its popularity due to its offering of a fully decentralized IDO launchpad, with token holders overseeing the project’s development and participating in decision making through a DAO.
Hype Keeps Fueling the Token
When looking at the 30-minutes chart, HDAO has retraced from its all-time highs at $0.2898, and now it’s finding dynamic support around the 50-period simple moving average at the H4 chart.
It suggests that bulls are exhausted due to the nature of the impulsive move that led the token to crack above the highs from yesterday around $0.08.
As HyperDAO keeps hovering around the 50 SMA, the fractal nature of the markets could take the price to consolidate around that area for a while before gathering momentum and thus picking up new bids to rally again towards the all-time highs.
Is “Buy The Dips” The Path to Follow?
The cryptocurrency should pierce above the nearest resistance level of $0.18 to achieve a new bull-run. Still, the RSI indicator is unconscious at this stage without signaling clear hints of the next direction in the token.
However, suppose HDAO opts to keep strengthening the bearish bias and cracks below the 50 SMA. In that case, the eyes of the cryptocurrency will be on the $0.08 level, followed by the 200-period simple moving average around the $0.06 area.
Unless the price cracks below that 200 SMA, HDAO will remain in a “buy the dips” mode as long as the DAO hype remains on fire.