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- Basic Attention Token price reaches close to immediate resistance level.
- Price action is forming a higher-low pattern in a lower time frame.
- Stoch RSI indicator reached into the overbought zone on the daily chart.
Despite price recovery, sellers continue to dominate the Basic Attention Token (BAT) pricing. Buyers are barely overcoming selling pressure. The Basic Attention Token (BAT) dropped below the upward trendline on November 20. This little price reduction was vital to support the BAT cryptocurrency selloff. BAT’s market capitalisation is currently $346.5 million.
BAT cryptocurrency appears to be on the mend after reaching its yearly low. Previously, the bears managed to accomplish a yearly low at the $0.20 support on November 14, but the bulls soon amassed a significant share of BAT tokens, with a trading volume of $35.5 million disclosed. As a result, the trade volume steadily declines on a regular basis.
Against the USDT pair, the BAT cryptocurrency is trading at the mark of $0.2321 at the time of this writing. The price is trading sideways just below the resistance area and this could be a consolidation phase for a notable rally. Similarly, the price of the Basic Attention Token pair related to the bitcoin pair is up slightly by 0.73% at 0.0001404 satoshis.
The reversal of the bearish trend on the demand side brought relief to the investors. Yet this support level turned out to be a major hedge zone for the buyers. Furthermore, the previous swing high at $0.35 might hinder the price recovery.
On the daily price scale, the Stoch RSI indicator has moved into the overbought zone, while the Simple RSI is moving towards the 50 mark. Finally, after long periods, the MACD generated a bullish crossover along with a higher-high histogram.
Conclusion
Basic Attention Token (BAT) is hovering just below the resistance area. In the hourly time frame, buyers often failed to push up property prices in this area. Buyers need to be aware of the close to the previous swing high near $0.35, which could hinder the price recovery.
Support level – $0.20 and $0.17
Resistance level – $0.27 and $0.350
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.
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.
