- BAT token price is trading at the demand zone as it faced rejection from the long-term supply zone.
- At present, the BAT token price is forming a head and shoulder pattern on a daily time frame.
- The pair of BAT/BTC is trading at the price of 0.000017 with an increase of 0.12% in the last 24 hours.
BAT token price is trading near the demand zone, as per the price action. The token price failed to break out of the supply zone as a result of a formed head and shoulder pattern. The BAT token price has started forming lower low and lower high formation on a daily time frame. The token price is sustaining above the important demand zone of $0.3500. The BAT token price has formed a bullish hammer candlestick pattern on a daily time frame at the support area. At present, the token price is trading at the lower band of the Bollinger band indicator after facing rejection of the upper band. The token price gave a fake breakout of the 14 SMA and now it is trading below it. The BAT token price is trading below the important Moving Averages. Moving forward the BAT token price can face rejection off these Moving Averages which could result in the token falling to the support area. Volumes have increased due to which an increase in volatility is seen. Investors should remain cautious and wait for a clear trend.
BAT token price is forming head and shoulder pattern on a daily time frame
BAT token price, as per the price action, is resting at the long-term demand zone. The technical parameters suggest the same.
Relative Strength Index: RSI curve is currently trading at 47.56 as the token takes support at the long-term demand zone of $0.35. As the token nears the demand zone, the RSI curve has started falling. The RSI curve is yet to cross the halfway mark of 50. Once the RSI curve crosses the halfway mark of 50, there can be a possible bounce off the demand zone in the price of the BAT token. Although the RSI curve has crossed the 20 EMA yellow line, the bulls need to take charge and push the price higher or else bears will pull the price down. As the token forms a bearish chart pattern, it remains to see whether the bulls deny the chart pattern or fail to do so.
Moving Average Convergence Divergence: MACD indicator is still negative as the token price fell to the support zone after the acting election at the supply zone. The MACD indicator gave a negative crossover where the blue line crossed the orange line on the downside. However, the MACD lines are now near to each other indicating a positive crossover. But for that to happen the token price needs to show some bullishness. Once the token bulls push the price higher with strong volumes the MACD line could give a positive crossover supporting the trend.
Supertrend: The BAT token price gave a bullish breakout about two weeks ago. The token price first gave a fake breakout trapping the bears and then it raced to the upside. As a result, the super trend indicator turned bullish triggering the buy signal. The BAT token price gave a strong breakout of d sell signal line with a strong bullish candlestick pattern.
Conclusion: BAT token price is hovering around the demand zone as seen in the daily chart. The token is forming a bearish chart pattern. Although the technical parameters are still bullish. It remains to see if the token price sustains above the demand zone fails to do so and falls below the important demand zone.
SUPPORT: $0.35 and $0.37
RESISTANCE: $0.47 and $0.51
