BAT Price Analysis: Breaking Out Of Triangle, Lacks Strength

Resistance Breached, Bulls Missing For BAT Coin
  • BAT price is breaking out of a descending triangle. However, it lacks the necessary strength 
  • Volume analysis shows buyers favoring BAT coin 
Tradingview

BAT price has formed a descending triangle with support resting at $0.7-$0.73 levels and a diagonal resistance. BAT price is attempting to break out of the triangle. The volume analysis shows higher buying overselling at the present price range; however, despite giving a breakout, the volume hasn’t risen, which might make this a false breakout or push the coin to $0.85 levels and fall back. The market cap and 24-hour volume are $1,155,964,164 and $357,165,486 respectively.

Resistance Breached, Bulls Missing For BAT Coin 

Tradingview

Left Image: It seems that the BAT prices have gone consolidated between the $0.85 and $0.7 bands which made the coin breach its crucial support first and then gave a false breakout too. There is a possibility that the coin has gone into the distribution phase and may tumble after this if it breaches $0.7 levels. However, currently, its support lies at $0.77(pivot – P) and $0.7(S-1 Pivot) while resistance at $0.85(R-1 pivot). 

- Advertisement -

Right Image: The price is above 10-EMA, 20-EMA, and 50-EMA, consolidated in the range of $0.75-$0.77. The 200-EMA is another crucial support at $0.62. 

The Bollinger bands are contracted, which signifies the continuation of the current breakout’s consolidation and failure. If the Bollinger bands widen up in upcoming sessions, then it might signify that bulls are entering back in coin. 

The RSI is in the positive zone above 50 levels, but the coin still lacks momentum. The indicator’s resistance lies at 63-65 zones while support at 50. 

The MACD(8,21,5) has flashed green for the bulls, which might bring in the bulls, but the breakout’s failure remains a possibility. 

Conclusion 

BAT price has given a breakout out of a descending triangle, but the volumes, RSI, and MACD show a lack of bulls’ participation, raising concerns of a failed breakout. Since the coin has breached the diagonal support, it could be in the distribution phase and preparing for reversal. 

Support: $0.72-$0.75(10-EMA, 20-EMA and 50-EMA), $0.7(sUpport levels) 

Resistance: $0.85(R-1 pivot) and $0.825

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

How useful was this post?

Click on a thumb to rate it!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Download our App for getting faster updates at your fingertips.

Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Top Rated NFT Market

Australia's Top Rated Exchange

Top Rated Cryptocurrency Payment Service

Partners

cryptoheroes

RocketFuel