BASIC ATTENTION TOKEN Price Prediction: Can BAT Climb to $0.3?

• BAT/USDT gained 13.50% in the last week
• BAT/USDT recorded Year-To-Date, Gains of 17.39%, 

BASIC ATTENTION TOKEN is trading at $0.1952. The price is down 0.31% in the last 24H. The 24H trading volume saw a fall of 8%. The Total Market Cap is $290,447,900.

BASIC ATTENTION TOKEN has been following a path of steady decline. The Downfall came right after a bullish rally of 100% where the prices reached $0.3378. BAT started displaying weakness and the bears grabbed the opportunity to capitalize. This downfall has depreciated the asset by almost 42%.

BAT managed a swift recovery from support.

On the Daily charts, the market structure represents a downtrend. What added to the sell-off was the breach of key support at $0.2046. The prices plunged down by almost 25 % before witnessing a quick recovery of 27.7%. Although the bounce was a relief, the clouds of danger still hover in the form of  200 EMA. 

BAT is trading 20% below the 200 EMA which relates to the strong downtrend. Also, Price made a shooting star pattern while getting rejected by the resistance. This is a sign of weakness and investors must remain cautious as the prices can dive back into the depths from here. The Bulls still have hopes as the market is above 9 and 15 EMA.

Bulls are struggling to conquer the resistance

A close observation of the 4H chart can draw the conclusion of a minor uptrend. The prices created higher highs contributing to the quick recovery. Meanwhile, the bulls are struggling to break the resistance which is essential to facilitate further recovery of the asset. BAT appears to be trading close to the 200 EMA.

This could mean that the market can witness a consolidation phase in the short term. The technical indicators suggest that the bulls are losing steam from the recent uptrend. RSI is declining along with MACD. If the buyers step in to break the resistance, expect a surge in prices by almost 27% which looks like an exciting opportunity.

RSI: The RSI indicator is currently at 52.41 on the 4H. This indicates sideways conditions.

MACD: The MACD indicator has made a bearish crossover but the indicator is above 0. The prices may see some consolidation but it will stay bullish above 0.

The MACD is moving closer to the signal line which indicates a sideways momentum.

200 EMA: As observed, on the 4hr, the price is trading close to 200 EMA(exponential moving average). This is a sign of consolidation where the market will move sideways. It is important to wait for the prices to get away from EMA to highlight a trend.

Technical levels

Support Levels: $0.1605 – Support 1

     $0.0974 – Support 2

Current Price: $0.1952

Resistance Levels: $0.2046- Resistance 1

          $0.2674- Resistance 2

Conclusion:

BASIC ATTENTION TOKEN is feeling the dominance of the bears as the price struggles to break resistance. The current market scenario is bearish and a flip of the resistance along with the daily 200 EMA will dictate a more bullish scenario. Investors are closely watching current levels as a fall from here can be catastrophic. The recovery looks promising but the market will only gain confidence after a strong breakout of the resistance.

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.