|⠀Basic Attention Token price:||$0.19|
|⠀Key BAT resistance levels:||$0.22, $0.25, $0.277|
|⠀Key BAT support levels:||$0.165, $0.146, $0.133|
*Price at the time of writing
BAT price long-term prediction: Bearish
Basic Attention Token has been showing weakness over the past two weeks after witnessing a consistent sell-off all the way from $0.277 in November. BAT is currently sitting on a wedge support at $0.185.
While testing the wedge’s lower boundary, the sellers may get exhausted any time from now as potential buyers position for an entry. In that case, a bullish takeover could allow BAT to bounce back to $0.22, followed by $0.25 and $0.277 – the November high.
The ongoing bearishness is currently supported by the lower band of the daily RSI indicator, but the technical MACD is still very much in the negative zone, indicating a bearish momentum in the BAT market.
However, if the wedge’s lower boundary along with the RSI 30 is unable to contain selling pressure, BAT may drive lower to $0.165, $0.146 and $0.133 support levels. For now, we need to watch out for a clean break or bounce before initiating an entry.
BAT price medium-term prediction: Bearish
Basic Attention Token has continued to keep a downward range on the 4-hour chart, although there’s hope for the bulls if the RSI indicator can continue to stay above its oversold level. More so, the MACD indicator is slowly rising back to show that trading volume is increasing.
Still, BAT needs to climb above the descending channel before confirming a bullish swing. Meanwhile, a close resistance lies at $0.197 and $0.217. Currently, the 31st largest cryptocurrency is showing a sign of weakness as the price may keep dropping if selling pressure intensifies.
Should BAT fall away from the channel pattern, we can then expect new support at $0.165 and $0.15. While anticipating a swing upwards, it’s important to note that the BAT market remains under bearish control.
BAT price short-term prediction: Bearish
BAT is slowly bouncing back after testing the triangle’s lower boundary two hours ago. Shortly, the price is expected to touch the triangle’s upper boundary if the buying pressure can continue. However, the market is looking bearish at the moment. Due to the recent bounce, BAT has now found support on the RSI 30 with a bullish setup, although the MACD is still showing negative signs.
Following the triangle pattern, it’s important to keep in mind that Basic Attention Token is poised for a breakout on the hourly chart. From above, the price may rise to the $0.20 and $0.215 resistances. From below, the $0.175 and $0.165 supports may play out in no time.