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- Genesis filed for Chapter 11 Bankruptcy.
- BAT price defied and rallied by nearly 16% in the past week.
- Volume went up by about 140% in the last 24 hours.
Genesis filed for Chapter 11 Bankruptcy on Jan 20. Since then, Genesis Trading has put a pause on wallet on-chain operations. Its trading included Basic Attention Token (BAT) and several other tokens. The BAT it held was equivalent to $2.18 million, with about 9.19 million BAT in its wallet. The prices for BAT didn’t overreact, as the recent announcement of a blockchain-based game nullified the negative wave.
The BAT community is presented by a multi-chain agriculture simulation game that makes DeFi fun.
The Pictorial
BAT price cracked out of the falling wedge pattern. The volume shows both buyers and sellers being active in the market. The upsloping OBV suggests the positive pressure. The 200-day EMA lays above the current price action. If the price of $0.26 (at press time) can sustain above $0.29, a high run may be established reaching around $0.43.
The CMF slightly slopes down to display the steady rise in price. The MACD records ascending buyer bars while the lines undergo a bullish divergence. The RSI floats in the overbought zone, hinting towards a possible price reversal.
4 Hour POV
The smaller time frame suggests BAT may witness a staggered rise. The CMF reaches close to the baseline to reflect the market reaching neutral forces. The MACD lines entwine to mark active participation by both buyers and sellers. The RSI oscillates about the upper half signaling the buyer influence on the BAT token.
Conclusion
The BAT token refused to go pessimistic for the Genesis Bankruptcy, instead showed signs of a bull run in the future. The prices may face resistance near $0.35. A high is anticipated near $0.29, reaching $0.43.
Technical levels
Support levels: $0.16 and $0.09
Resistance levels: $0.35 and $0.48
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
