On average, DAO and RSR prices are down by over 80 percent after peaking in April and May 2021. Still, RSR/USDT may double to above $0.04 as DAO/USDT buyers target $5.
DAO is the governance token of the DAO Maker ecosystem on Ethereum. The protocol has raised over $8 million from several dynamic coin offerings.
DAO prices remain in range, at around March 2021 lows. However, it is also down 80 percent from 2021 peaks. Even so, gains are average, and the contraction isn't very deep.
Relative to the performance of other tokens, DAO holders are still over 20X in profits.
At the time of writing, DAO is stable versus the USD week-to-date, adding 12 percent on the last trading day. Meanwhile, there is an expansion in participation as trading volumes are up 69 percent to $2.8 million.
Technically, the path of the least resistance is northwards.
Launched in mid-February 2021, DAO/USDT is around the primary support level of the last three months' price action.
Besides, DAO is trading below the middle BB.
However, DAO/USDT prices have been in range mode in the last two weeks, signaling possible accumulation around the psychological $2 level.
DAO/USDT prices are in range mode inside the bull bar of May 24.
Without confirmation of the double-bar bullish reversal pattern of May 23 and 24, aggressive traders can find buying opportunities above $2.
Their immediate buy targets lie at $3.5—the first resistance and buy trigger—and $5—May 19 highs.
Losses below $2 confirm sellers of May 19, potentially triggering another dump towards February 2021 lows.
RSR is the utility and governance token that stabilizes the RSV stablecoin via the exploitation of arbitrage opportunities.
The RSR price is capped within a $0.01 zone. Visible resistance and support lines lie at $0.03 and $0.04, respectively.
On the last trading day, the RSR token is stable, albeit with shrinking trading volumes which fell roughly 10 percent to $23 million.
RSR/USDT prices are consolidating above $0.03, as RSR technical analysis reveals.
Overly, RSR prices are under pressure, trending below the middle BB, and struggling in the face of liquidation.
The immediate buy trigger flashes with May 24 highs of around $0.04.
Unless there is a sharp up-thrust above immediate liquidation levels, bears are firmly in control.
At present, RSR prices are in consolidation with support at $0.03.
A close above $0.04 with rising trading volumes will affirm buying efforts of May 24, probably sending RSR prices back to $0.06 in a buy trend continuation.