Who’s up for BATting?- good innings may come

• The past week’s prices reached around $0.20, reflecting the ongoing liquidity crunch.
• The trading volume went down by 18%, equating to $30 million.
• The market capital rose by 7%, amounting to $339 million.

The past week for BAT was quite a suspenseful story. The market was drowning, and all were the victims of the meltdown. Amidst everyone trying to save themselves, BAT tried the same and showed genuine struggle to break the pattern and move in a positive swing.

The Picturesque 

The chart shows the price lying far below the 20-MA and falling, taking the support. Reaching the upper resistance may require a longer duration than usual. The price also forms a 3-black crow pattern, marked in white, with a hammer trying to be formed at the bottom. If the current price level breaks through the support level of $0.236, it may signify the upcoming uptrend.

The RSI indicator floats in the 30-40 range, where bears are more active. It may move up closer to the mid-range. The MACD indicator is bearish currently, with the signal line above the MACD line and bulky sales. It may move closer to converge soon. It may even surpass the signal line to keep up with the uptrend forming.

The 4-hour POV

The RSI indicator is closer to the midzone after struggling in the oversold zone for a fraction of a time. It may move and float in the 40-50 zone before going to bullish territory. The MACD indicator has turned bullish after moving closely with the signal line and shows a glimmer of purchases happening. It may remain in the same momentum while the market transitions to the bull mode.

Conclusion

The ongoing bloodbath has painted the whole crypto market in dark red and stained many contributors. It will be a historical period that will bring great and effective amends in the working of the crypto market to prevent such from happening. BAT is one of the survivors, and it reflects the execution of the damage control protocol.

Technical levels

Support levels: $0.230 and $0.210

Resistance levels: $0.31 and $0.32

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.