an hour ago | Michael Fasogbon
| ⠀Basic Attention Token price: | $0.19 |
|---|---|
| ⠀Key BAT resistance levels: | $0.188, $0.22, $0.266 |
| ⠀Key BAT support levels: | $0.15, $0.131, $0.12 |
*Price at the time of writing
BAT Long Term Price Prediction: Bearish
Following a five weeks drop, Basic Attention Token now trades at $0.17 and after correcting +3.7% gains overnight. BAT’s weekly low of $0.15 is now coinciding with the September 27 low but has now seen a small bounce above the grey horizontal support zone.
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A significant recovery above this zone could flag a reversal as buyers are likely to reclaim previous resistance levels of $0.188, $0.22 and $0.266 respectively. However, the daily chart still shows that the BAT market is in the wood. Although, there’s hope for the bulls if the market can correct gains above the current support.
A continuous decline may cause a lot of bearish pressure, especially breaking below the $0.15 support to $0.131 and $0.12. Another thing to note here is BAT’s volumes and volatility, which is quite low at the moment. The last three days trading reflects a weakening bearish momentum, it appeared bulls are stepping back.
The daily RSI is currently keeping a downward trend due to the past week of bearishness. If MACD moving averages cross over, we can expect significant gains in the coming days.
BAT Medium-Term Price Prediction: Bearish
From the 4-hours timeframe frame, the bears continue to gain control of the BAT market. Meanwhile, a look at the last four days’ recovery shows that we may soon get out of the medium-term bearish. However, a bullish mode would be activated if the price of BAT continues to increase.
The BAT market is facing minor resistance at $0.17 for a while now. A successful climb above the white descending line would keep the bulls in motion to $0.19, $0.21 and $0.23 within a blink. Inversely, the bulls struggle may come to and if the bears regroup. If such a scenario plays out, BAT may fall back to $0.15 support and beyond.
However, BAT remains weak on the MACD but has managed to recover back to the zero levels, posed for a bullish crossover. Nevertheless less, the RSI is also gaining strength, indicating an incoming uptrend.
BAT Short Term Price Prediction: Bullish
BAT is now showing a positive sign on the hourly chart, although buyers are held in a triangle boundary. Meanwhile, a break is imminent! The three days climb is yet to confirm bullish swing. As shown on the price chart, a proportional gain is expected for a breakout. The price range is 12.62% at $0.195.
Should the triangle break turns false, the buyers may be trapped with price roll back to $0.161, and $0.151 support. Nonetheless, the traditional breakout for this ascending triangle pattern is bullish, which is expected to play out shortly. More so, BAT is currently bullish on both RSI and MACD. This suggests that a bullish takeover may occur soon.
Conclusion
BAT looks bearish on the daily and the 4-hours. Moreover, the current bullish setup on the hourly remains unclear until surge occurs. A clear rise above the $0.173 resistance would confirm a short-term bullish. The reverse is the case if rejection occurs. However, we may need to watch these potential moves.
Previous BAT price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Basic Attention Token:
