Signal price

Basic Attention Token Price Analysis: BAT facing a correction, what’s next?

  • The price of the Basic Attention Token is trading towards the lower trendline of the consolidation phase where it was just recovered.
  • The crypto asset is teetering at the 20 EMA and is still behind the 50-, 100-, and 200-day daily moving average.
  • The BAT/BTC pair is at 0.00001784 BTC with an intraday decline of 4.50%.

The price of the Basic Attention Token has just recovered in the consolidation phase and is now trading lower towards the lower trendline on the daily price chart. To hold at least through the consolidation phase, the token needs to amass a significant number of buyers. When BTC fell below $25,000, BAT was thrown off the bounded horizontal zone, and the token struggled to maintain the steady rising momentum. But afterwards, BTC started breaking above the $20,000 barrier and slumped, creating calm waves that allowed the cryptocurrency market to soar.

The Basic Attention Token price is currently CMP at $0.36 and has lost 8.10% of its market capitalization in the last 24 hours. Trading volume decreased by 35.91% during the intraday trading session. This shows that BAT is under heavy selling pressure. The volume to market capitalization ratio is 0.1642.

In order to break out of the consolidation period, the BAT currency price must attract additional buyers. BAT bulls must maintain the current level since the BAT coin price is currently in a strong bearish rally and has successfully recovered in the consolidation phase. The average volume, however, reveals that BAT needs to attract additional buyers to maintain its bullish momentum and confirm its breakout of the horizontal range and also to avoid falling back.

Can the BAT Bulls last?

The BAT coin needs to attract more buyers in order to escape the consolidation phase on the daily price chart. However, the token is hesitant to gain support from the bulls and is currently under the control of the bears. The bears are trying to pull the token out of the consolidation phase. Technical indicators suggest two different stories in the consolidation phase: the divergence situation. The Relative Strength Index showcases the downtrend momentum of the BAT coin. The RSI is at 48 and coming back from neutral now that BAT investors have to wait for the bulls to build up and hold above the lower trendline. MACD presents the consolidation phase of the BAT coin. The MACD line is ahead of the signal line and waiting for a crossover.

Conclusion

The price of the Basic Attention Token has just recovered in the consolidation phase and is now trading lower towards the downtrend on the daily price chart. To hold at least through the consolidation phase, the token needs to amass a significant number of buyers. The average volume, however, reveals that BAT needs to attract additional buyers to maintain its bullish momentum and confirm its breakout of the horizontal range and also to avoid falling back. The RSI is at 48 and coming back from neutral now that BAT investors have to wait for the bulls to build up and hold above the lower trendline.

Technical levels

Support levels: $0.34 and $0.30

Resistance levels: $0.38 and $0.43

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.