- BAT’s price has remained bearish for the last few days.
- BAT crypto price has just risen over the 200-day exponential moving average.
BAT price has been rising by taking support on the crucial support level. The price has supported the trendline and approached the significant moving averages. On March 12, the Basic Attention Token price displayed a strong price rejection from the $0.350 level, dropping by 40% in 2 days.
Since mid-March, the BAT price has kept falling by forming lower lows and lower highs. The BAT price is heading for a new lower high but is struggling between the 20-day and 200-day exponential moving average.
Turning to the technical indicators, the Bollinger band suggests that the price has taken support on the lower Bollinger band and risen to the base Bollinger band. If it rises over the base BB, then buying momentum for the short term can be expected. A bullish crossover between the RSI and RSI-based moving average has been seen, showcasing the bullish momentum.
Will BAT Price Rebound From the Trendline
Basic Attention Token price is trading at $0.266, which has lost 0.56% in the last 24 hours. The market capitalization is $397.52 million, and the 24-hour trading volume is $15.19 million.
In a broader time frame, the BAT crypto price is bouncing back from the crucial support level. If the chart structure attracts the buyers, the BAT price may extend to the lower high. However, if the price approaches the last swing high and is sustained, then the price may reach the recent high of $0.380.
Alternatively, if the BAT crypto price melts back and starts trading below the trendline, investors may prefer to book profit, which may result in selling pressure in the long term. According to the chart, if the BAT price fails to defend the $0.150, sellers may drag the price to a new all-time low.
Volume and Price Analysis For Basic Attention Token
Based on the graph, the trading volume and price were dumped simultaneously on March 13. The trading volume broke by approximately 30% and the price by 24%. The price has been performing positively for the last few days, but the trading volume has not increased. It may lead to a fake buying momentum, so we should wait for the positive change in volume for the buying signal.
Social Dominance and Social Volume Has Decreased; What’s Next?
The data displayed that social dominance and volume have decreased over the last few weeks, negatively impacting the price. Suppose the awareness and interaction about BAT crypto on social media increases, and buying momentum can be observed.
Performance
Crypto has performed remarkablely over the years. It gave positive returns of 26.31% and 33.43% for 3 and 6 months, respectively. The BAT price is up by 7.62% weekly but down by 9.99% weekly.
Conclusion
Based on the analysis, BAT crypto price needs help to break through the 20-day and 200-day exponential moving averages. However, it has taken support on the trendline and crucial support level, which may attract buyers in the short term. The Bollinger band and RSI indicators also suggest a potential bullish momentum for the short term. Investors should monitor the trading volume and social media interactions to confirm the buying momentum. If the BAT price fails to defend the trendline, it may result in selling pressure for the long term, dragging the price to a new all-time low.
Technical Levels
Resistance: $0.325 & $0.375
Support: $0.235 & $0.185
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.