- Basic Attention Token price down 11% on a monthly basis .
- BAT price is continuously declining and forming a bearish pattern.
- The BAT crypto price dropped below the 200 and 50 day EMA.
Basic Attention Token price down 11% on a monthly basis and slipping down by forming lower lows. It eroded the majority portion of the return generated in the past few months and consolidating near to $0.2000 level.
The trading volume in BAT crypto is on a declining phase indicates fresh buyers are hesitating to create long positions. The price rejects the 200 day EMA and also dropped below the 50 day EMA shows positional trend is in downward direction.
However, BAT price has gone far away from the EMA so consolidation or short term rebound is possible.
Basic Attention Token price is trading at $0.2180 with an intraday decline -1.98%. The 24 hour volume to market cap ratio is 0.0314. The pair of BAT/BTC is trading at 0.00000816 with an intraday decline of -0.37%.
The chart structure of BAT with the Bitcoin pair is in a strong downtrend and no signs of recovery is visible. It shows sellers are active in both the pairs and continuing the dominance on the higher levels.
At the mid of March, BAT Price took support near $0.2000 and formed a bullish engulfing pattern. It showed the signs of short term bullish trend reversal and prices rallied 50% approx in a short span of time. Therefore, $0.2000 will act as a strong support in coming months.
Is Basic Attention Token price seem oversold
The recovery in Basic Attention Token price took halt at $0.3000 and price began to consolidate in a narrow range. At the mid of April, BAT price fell 8% in a single day which dragged the price down below the lower range. It shows that the previous up-move is temporary and prices are still in the bear grip.
Presently, the price is near to the demand zone and buyers are struggling to defend $0.2000 support. If buyers succeed then wild short covering rally might trigger. However, till the price is trading below the EMA any short term up-move will face difficulty to sustain on higher levels.
On the other hand, If the sell off continues and the price dropped below the $0.2000 then it will open more downside.
BAT Price on a weekly time frame
BAT price forming a Doji candle on a weekly time frame shows bears facing difficulty to pull the price further down. The market leader Bitcoin and Ethereum price is mildly bearish which negatively impacts the price of Altcoins. Therefore, if the overall market recovers then BAT price might also show some positive signs.
The technical indicators like MACD had generated a positive crossover but the curve is sloping sideways. It indicates mild bullishness but prices are likely to consolidate for some time before deciding the further direction. The RSI at 39 pointing down denotes weakness and likely to test the oversold territory.
Conclusion
Basic Attention Token price down 11% on a monthly basis and formed a bearish pattern. However, BAT price is near to the demand zone and buyers are trying their best to defend the support. Technical analysis suggests, BAT price is in downtrend and no signs of recovery are visible.
Technical levels
Resistance levels: $1.3000 and $0.3363
Support levels: $0.2000 and $0.1600
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.