- Basic Attention Token price has been declining through a descending parallel channel over the daily price chart.
- BAT crypto has slipped below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of BAT/BTC is at 0.00001569 BTC with an intraday drop of 1.29%.
On the daily price chart, a parallel downward channel has seen the price of Basic Attention Tokens decreasing. The token originally attempted to profit from the strength of the rally by moving in the direction of the upper trendline, but it was unsuccessful and it ultimately returned to the channel. The BAT currency must find buyers in order to leave the parallel sinking channel. The BAT currency is trying to break out above the upper trendline of the parallel channel once more, and BAT bulls look to be quite keen on achieving so. This might indicate that the BAT currency is about to exit its channel.
The Basic Attention Token is presently valued at $0.3028 and has increased in market value by 2.17% in the last day. In the course of intraday trading, the number of trades dropped by 32.86%. The attempt by bears to place the token in the hands of short sellers is evident from this. The volume to market cap ratio is 0.07658.
The price of the BAT coin needs support from buyers in order to cross the upper trendline and signify the breakout of the token. For the BAT to signify its breakout, the volume change must rise above its typical level. BAT bulls will need to rally in the interim to demonstrate that the token has crossed the daily price chart.
What do Technical Indicators suggest about BAT?
Before the BAT coin enters its recovery phase, bulls must form. The token is currently getting ready to leave the parallel channel. Determining whether BAT currency can draw favorable support by predicting a substantial increase in buying over the daily chart will take some time. Technical indicators show how strongly the BAT currency is moving downhill.
The BAT currency’s relative strength index reveals how quickly it is declining. The daily chart’s RSI is close to 36 and is about to indicate any directional change. On the MACD, the BAT coin’s accelerating deceleration can be noted. After a negative crossover, the MACD line is lower than the signal line.
Conclusion
On the daily price chart, a parallel downward channel has seen the price of Basic Attention Tokens decreasing. The token originally attempted to profit from the strength of the rally by moving in the direction of the upper trendline, but it was unsuccessful and it ultimately returned to the channel. The BAT currency must find buyers in order to leave the parallel sinking channel. The BAT currency is trying to break out above the upper trendline of the parallel channel once more, and BAT bulls look to be quite keen on achieving so. BAT bulls will need to rally in the interim to demonstrate that the token has crossed the daily price chart.
Technical indicators show how strongly the BAT currency is moving downhill.
After a negative crossover, the MACD line is lower than the signal line.
Technical Levels
Support Levels: $0.30 and $0.25
Resistance Levels: $0.32 and $0.35
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.
