- BAT token shows strong rejection from the $0.6 resistance level
- The BAT/BTC pair was trading at 0.0000167 BTC with a loss of 2.87%
- The current price of the BAT token stands at $5.05, with an intraday loss of 3.53%
BAT token price in the daily time frame shows strong higher price rejection from the $0.6 resistance level, followed by a 3.6% drop in today’s intraday session. Thus this third-time rejection from the resistance could plunge the price back to the $0.46 support, maintaining the small consolidation and providing a small short opportunity for BAT traders.
About the EMA’s, the BAT token is currently trading below all the crucial EMA lines 20, 50, 100, and 200 represent a strong bearish trend formation. In addition, the chart also shows a death crossover of 50 and 200 EMA supporting the bearish sentiment in the market. Currently, the 20 EMA is acting as a strong dynamic resistance line that price has to break for BAT token to get out of this range.
The RSI (BEARISH) value is at 44, indicating a bearish to slightly neutral sentiment in BAT.
The BAT Token Follows The Descending Trendline In The 4hr Time Frame
The BAT token in the 4hr time frame chart shows the price is still respecting the descending trendline, and this could provide a good short opportunity and a logical location for traders to put their SL. Thus, if this trendline is not breached, the downtrend in the BAT coin will remain intact.
The MACD indicator shows that bears are slowly losing their momentum, and both the MACD line and signal line are on the verge of giving a bearish crossover. In addition, the histogram shows faded decreasing green bars indicate weakness in bulls.
Conclusion: From the technical perspective, the overall trend for BAT token is bearish, and as mentioned above, the price is showing strong rejection from the $0.6 supply region, which could provide a good short opportunity for BAT traders as the nearest support of $0.46 is 20% far.