- The BAT token recorded its lowest 52-week low at $0.258 last night.
- Despite the current crisis, the market cap of BAT is up 4% in the green zone in the last 24 hours.
- Recently, the RSI indicator has dipped into an overbought area, which could signal a further trend reversal.
Basic Attention Token recorded a latest low of 2022 as well as a fresh 52-week low of $0.258 on June 14. BAT speculators noted a bullish hammer candle, recording the lowest level last night.
BAT token is trending in the green zone in the intraday trading session after seeing a Bullish Hammer candle. However, today’s candle price is trading higher near the $0.30 level, which is acting as a resistance area.
At the time of writing, the BAT token was trading at the $0.292 mark, despite the upward move. However, the market cap is up 3.7% to $437 million, according to data from CMC over the past 24 hours.
There was a huge drop in buyers following the breakout of the ascending triangle pattern (white), as a result of which the BAT token continued to form a 5-solid bearish candle. Furthermore, the BAT token belonging to the bitcoin pair is up 16.3% at 0.000001448 satoshis.
If the price breaks below its fresh 52-week low, it may test the $0.18 mark in the upcoming trading sessions. However, the trading volume reached above $1 billion last night.
Buyers got a Bullish Hammer candle last night
In the context of the daily price chart, the BAT token is looking below vital exponential moving averages such as 20,50,100. Amidst the downtrend, the 20 EMA acted as an most recent resistance area for buyers.
While recording a 52-week low, the RSI indicator sank into overbought territory, which could signal a trend reversal going forward.
Conclusion
According to the RSI indicator, a recovery can be expected in the Basic Attention token as there has been an over-selling of BAT. Now the bulls need to raise the BAT price above the 2022 lows to save themselves from selling.
Resistance level- $0.40 and $0.58
Support level- $0.25 and $0.18
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.