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- 1 The price of BAT seems to be in a bearish trend, as it has been heading downwards after breaking the dynamic supports of the 20-day and 50-day EMAs.
- 2 This decrease in activity negatively impacts BAT, as the number of active addresses is decreasing over time.
The price of BAT crypto has been on the rise since October 2023, and it experienced a significant increase from $0.16500 to $0.39000 by March 9th, 2024. The past six months and three months were very promising for BAT as it showed a gain of 58.06% and 11.56%, respectively. However, in the last week and month, the price declined by -6.46% and -27.0%, respectively, which indicates a strong downtrend.
However, the BAT crypto has revealed a massive slump in price in the last couple of sessions, and the price shows signs of struggling bulls, and bearish dominance is extremely high. Contingent on seller pressure, the massive drop could shatter more support and could target $0.26000 and $0.24000 support on the daily chart.
BAT Indicator Analysis and Price Forecast
The price of BAT seems to be in a bearish trend, as it has been heading downwards after breaking the dynamic supports of the 20-day and 50-day EMAs from above. It indicates that depending on the level of selling pressure, there is a significant potential for it to drop further.
Furthermore, the BAT crypto asset could accelerate this ongoing bearish trend if the price slips more of its ground support, and coincidingly, the MACD has started to decline abruptly from the zero line, which is at -0.00393 and has cut the signal line sharply from above.
Meanwhile, the RSI is at 39.87 and has moved lower after beating the 14-SMA from above like a falling knife; a push from the bear side could accelerate more deterioration.
When publishing, the BAT crypto price was at the $0.27462 level and showed an intraday decline of -4.14%.
Therefore, if the BAT crypto fails to maintain the $0.26000 price level, the price could show a spectacular drop. However, if the price shows a resurgence, it could break out on the upside and reach $0.35000 and $0.39000.
Active Address Analysis Of Avalanche
The active addresses count in BAT pertains to the number of distinct addresses belonging to Basic Attention Token users who have participated in one or more transactions within a specific time period.
Within the past 24 hours, the number of transactions involving different addresses in Basic Attention Token was 300; in the past 7 days, it was 1387; and in the last 30 days, there were 6108 transactions involving unique addresses in the BAT asset.
The information suggests that there has been a decline in the number of individuals engaging in the utilization and exchange of BAT. Consequently, the demand and value of the Basic Attention Token may be negatively impacted by this decrease in activity, as the number of active addresses is decreasing over time. These phrases emphasize the short-term and long-term patterns in BAT crypto’s performance and adoption.
BAT Developer’s Activity Evaluation
Meanwhile, the development activity reflects the activity level in the form of undergoing projects and developments in BAT crypto. The developer’s activity has been on the decline since January 31st, 2024, which shows that its activity count has declined at a sharper rate.
Summary
BAT crypto has seen a significant price increase from $0.16500 to $0.39000 by March 9th, 2024. However, recent weeks have shown a price decline, indicating a strong downtrend with the potential to drop further. The RSI is at 39.87, and the MACD is declining, suggesting more deterioration.
If BAT fails to maintain $0.26000, a drop is expected, but a resurgence could lead to a breakout to $0.35000 and $0.39000. Transaction activity has decreased, impacting BAT’s value. Developer activity has also declined sharply since January 31st, 2024.
Technical Levels
Support Levels: $0.26000
Resistance Levels: $0.35000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
