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- Basic Attention Token (BAT) looks bearish (in a correction phase) after getting rejected from the psychological level of $1.0.
- The daily price chart for the Ichimoku Cloud BAT token is seen above.
- The BAT/BTC pair price at 0.00001783 Satoshis is trending slightly upwards of 4.8%.
Basic Attention Token (BAT) is reverting to a demand zone (green) after being rejected at $0.95 as a critical obstacle (which is still valid) and losing more than 21% of its value in the last week. Following a strong gloomy weekend, the week began in favor of the bears and is currently looking a little shaky.
After witnessing a solid bearish weekend, the BAT token is seeing an uptrend today. However, the price is trading at $.072 at the time of writing, an increase of 3.3% over the past 24 hours according to CMC. Meanwhile, price action is distributing low-highs and low-lows on the 4-hours price chart and lower levels. Furthermore, the Basic Attention token belonging to the bitcoin pair is seeing a 5% increase at 0.000001782 satoshis.
Eventually, the bat reached the demand zone during the sell-off. Meanwhile, trading volume has been gradually decreasing since the start of the most recent downtrend. Therefore, the trading volume appears to be neutral at $79.9 million.
In the context of the daily price chart, the bears turned more aggressive as soon as the BAT price broke the green cloud of the Ichimoku indicator.
BAT seems really bad for now
The RSI slipped below the half-point (50-mark) but it is yet to move towards the oversold area along with the uptrend trendline. At that point, the indicator looks just above the trendline at point 21.
The Average Directional Index (ADX) is rising (blue), suggesting sideways momentum for Basic Attention Token (BAT) as the presence of the 25 mark.
conclusion
Basic Attention Token (BAT) appears near the demand zone, which indicates a recovery opportunity above the green zone. In the meantime, if the price remains below the psychological round level of $1.0, buyers will continue to struggle with a selloff.
Resistance level- $0.95 and $1.4
Support level- $0.60 and $0.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
