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•BAT/USD is currently priced at $0.667 and has decreased by 5.36% over the past day
•The trading volumes have increased by 35.49% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: BAT slips into a downward spiral
The BAT price today is $0.667375 USD with a 24-hour trading volume of $102,066,739 USD. BAT Token is down 5.36% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity. The Volume to Market Cap Ratio stands at 0.1021 for the altcoin.
BAT price continued to trade lower on Wednesday, with a negative bias as the fresh trading session began . The price hovers near the multi-week support area at around $0.622. The bears have taken a hold of the market and are going at full throttle. The bulls will have a tough time negating through the bearish cloud and push the price towards the resistance placed at $0.85. The bearish sentiment is depicted by BAT Token transacting below the 20,50 SMA on the four hour chart.
Long Term View for BAT
The technical indicator Relative Strength Index (14) for BAT Token is showing that the coin may follow the bearish movement as the signal line is transacting below the 40-level (38.63), which indicates that the market may is currently in a downward movement. The MACD and signal lines are transacting in the negative zone with the gap between the two widening. The histograms are red as well, which reinforce the bearish argument.
Conclusion
BAT is currently in a slump, with the momentum weakening in the altcoin. The technical analysis suggests the prices are likely to tumble in the days ahead.
Support: $0.622-$0.56
Resistance: $0.85
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
