- Basic Attention Token (BAT) has gained bullish momentum on the daily chart.
- Ascending Triangle pattern on the daily chart of the token has formed a base for the bull move.
- A Golden Crossover has taken place in a shorter time frame.
On the daily chart, BAT has constantly formed higher highs and higher lows which indicates that it has entered an uptrend. Moreover, an ascending triangle pattern is also visible on the daily chart. The token attempted to break out of this pattern earlier but was unsuccessful and as a result, it has begun to consolidate in a range.
Monoscopic View
We can currently see that price is still trading within the ascending triangle on the daily chart. This ascending triangle’s breakout or breakdown could cause price movement on either side i.e. either upward or downward. The coin’s resistance is the upper trendline (the blue line). If the coin breaks through this upper trendline, an ascending triangle pattern breakout will take place and we will likely see the coin make a significant bull move.
Currently, a bearish crossover of the MACS indicator is approaching. The histogram’s light green color also indicates that the bulls are waning and the bears will soon take control. The RSI curve, on the other hand, is currently trading at 61.02 which is above its 50-point threshold. If the price of the coin increases, the RSI curve’s value can be seen to increase further.
Overall, the MACD, one of these two indicators, is neutral at the moment, while the RSI, the other, is giving a buy signal.
Microscopic View
A Golden Crossover occurred earlier on the short-term chart and a bull move was then observed. The price is currently moving in a range on a shorter time frame. Previously acting as the coin’s resistance, the levels at which the price is moving are now acting as its support. As a result, a down move could occur if the price moves below this support level.
By February 12 of this year, the price of BAT is anticipated to increase by 14.32% and reach $0.315367, according to Coin Codex’s most recent price estimation. While the Fear and Greed Index is now showing 54 (neutral), its technical indicators indicate that the current sentiment is bearish. Further, the Coin Codex states that the previous 30 days had price volatility of 11.67% for BAT, with 19/30 (36%) green days.
Conclusion
We can expect a bull move in the token after an ascending triangle pattern breakout.
Technical Levels
Resistance levels- $0.2942 and $0.4227
Support levels- $0.2153 and $0.1622
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
