BAT Price Analysis: BAT Forms Strong Bullish Engulfing Candle After 3 Days of Price Correction

  • Basic attention token resumes its uptrend after a 3-day sell-off and built up a bullish engulfing candle which is currently placed above all significant moving average 
  • The pair of BTC/BAT jumps nearly +6.97% standing at 0.00002023 BTC
Source:tradingview

Basic attention token price regains momentum while trading at $1.15 with an intraday gain of +6.07%. However, the trend is still bullish, whereas the volume is not supportive for the short term. Support at the lower levels is placed at $1.05 and $0.90, while resistance on the higher side can be $1.25 and $1.38. Similarly, BAT is trading above all major moving averages of 20,50,100 and 200-Day, where 20-DMA is acting as short-term support.

Source:tradingview

Over the daily chart, BAT price exhibits strength with indicators in support of bulls. After a corrective move, BAT price displays potential for upside as it built up positive momentum from lower levels. Currently, BAT is trading at $1.15 with an intraday gain of +6.07%; volume on BAT dropped nearly -6.22% in the last 24-hour standing at $552,841,160. Meanwhile, total market capitalization shows an increment of +5.20% in the last 24-hour which stands at $1,727,671,643. However, over the daily chart, a major volume change is not observed. Support on the lower side is situated at $1.08 and $1.03, while resistance on the higher side is $1.22 and $1.28.  

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Relative Strength Index (BULLISH) indicates bullish momentum while trading at 56.02. Though, it is continuously heading towards the overbought zone after testing the overbought zone while indicating its bullish trend on a shorter-term time frame. 

Moving Average Convergence Divergence (BULLISH) currently indicates a bullish trend on the daily chart, as it is trading with the significance of the seller’s line (red) over the buyer’s signal line (green). However, both lines are heading closer to each other, and the crossover can generate Bullish momentum for the short term, but the overall trend is still positive. 

Support levels: $1.05 and $0.90 

Resistance levels: $1.25 and $1.38. 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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