BAT Price Analysis: BAT shows a double bottom pattern, What next?

BAT Price Analysis: BAT shows a double bottom pattern, What next?

  • BAT shows base formation in the recent sessions.
  • Bulls are now willing to move above the barrier of 20 day EMA.

Basic Attention Token (BAT) aims to revolutionize digital advertising. They reward their users for their attention while providing a better return to their advertisers. Brenden and Brian developed it. It was launched in 2017 and became one of the fastest-selling ICOs. 

BAT token has completed the correction phase and is now looking for a trend reversal. Moreover, the chart shows a double bottom pattern which shows a significant upside of the token in the near term. However, the BAT token is trading below the key MA and showing bearishness, but BAT holds the selling pressure and takes a pause.

When writing, the BAT token trades at $0.2167 with an intraday gain of 1.75%, showing buyers interest. Moreover, the intraday trading volume shows a significant upside of 3.50%, showing investors’ interest.

Daily Candle Exploration of BAT

BAT
Source: TradingView

On the daily charts, the BAT token shows a downside from the recent trading sessions but holds the gains near the strong support mark of $0.2000. BAT price has been trading below its 20 DMA in the weekly technical chart and showing weaker cues. BAT token shows bearish candles were being formed, bringing the price down towards the support. Although, the token established a base that sellers could not break further. The token registered a bounce from the lower Bollinger band and gained momentum in the last trading sessions.

What technical indicators say?

BAT
Source: TradingView

On the 4-hour chart, the BAT token hovers below the 20 EMA but cannot move across it. Moreover, the price action regarding technical parameters suggests an upside, as leading indicators suggest the token is oversold, where a bounce can be seen in the upcoming sessions.ย 

Meanwhile, the token is near the demand zone where buyers started accumulating the token from the value area and the token attempting to sustain above 20-day EMA.

The RSI bounced from the oversold region, and the index curve noted a negative outlook. Moreover, the curve signals a negative divergence in the past trading sessions, resulting in the token’s downfall.

The MACD indicator shows a bearish crossover and suggests bearishness in the token. However, BAT is likely to remain in the range and attain a rise in the upcoming sessions.

Conclusion:

BAT token remained in the range of narrow congestion, and sellers dominated in the past sessions, but buyers are now willing to take the authority and try to bring the uptrend soon.

Technical levels

Support levels: $0.1990

Resistance levels: $0.2300

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


Posted

in

,

by