- Basic attention price is currently trading at $0.2511 with a decrease of -1.37% during the intraday session.
- BAT price trades below 20,50,100 and 200-day EMA.
Basic attention price recently broke the upward channel creating higher lows and higher highs in the downward direction. A support was created after the fall at $0.2450 level and BAT price shows signs of bearishness in the market. Crypto currency price is also trading below 20,50,100 and 200-days EMA indicating a strong bearish momentum in the price. 24 hour trading volume is up 12.05% and market capitalization is down by 0.80%.
BAT token was founded by the creator of brave browser, working on the concept of digital advertising by looking into issues like privacy violation, intrusive ads, inefficient allocation of ad revenue. Basic attention token potential growth lies in their ability to provide superior browsing experience while rewarding customers’ attention.
The price reached a zone where previously it consolidated for half a month before having an impulse move to the upside indicating that price might start to consolidate after reaching the same region.
The price was in a bullish move which started in mid-march and took price to create a high at $0.3245. Recently the price corrected the bullish move by falling 13.59% during last week. Two aspects price action might play out is firstly if bulls are able to defend the $0.2450 level making it a strong support level and push the price upwards to again retest the highs of $0.32 level. Secondly, if the price breaks below the $0.2450 level, there is a higher probability for the price to reach $0.2060 level.
BAT Technical Analysis:
The RSI crossed the 50 mark and currently trades at 41.83 slowly declining towards the oversold suggesting a strong bearish momentum in BAT price. The Price is currently residing in the lower band of bollinger indicating a chance of pullback to 20-day SMA of bollinger bands and if bearish pressure prevails the downtrend can further continue or price can directly head towards the upper band of bollinger which lies near the previous highs. -DI is above +DI with ADX of 21.35 indicating increased participation bears in the market. The longs/shorts ratio is at 0.89 with 47.19% longs and 52.81% shorts indicating high pressure from the selling side.
Conclusion:
BAT price was in bullish momentum since the start of 2023 created the highs of $34 and corrected the move after price again retested the highs with 5 April candle leaving a long upward referring to rejection and profit booking from the highs. The market structure and price action for price is currently bearish while technical parameters state that there might be pullback for the price to further move downwards. Looking at the market cap of basic attention tokens which is near $400 million and could be considered as a strong market position indicates that the token is well positioned for growth and uptrend in upcoming years.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.