Basic Attention Token Price Analysis: BAT Facing Some Correction, What’s Next?

• Basic Attention Token price is trading towards the lower trendline of the consolidation phase where it just got received back.
• The crypto asset falters at 20 EMA and is still behind 50, 100, and 200-days Daily Moving Average. 
• The pair of BAT/BTC is at 0.00001784 BTC with an intraday drop of 4.50%.

Basic Attention Token price has just recovered inside the consolidation phase and is now trading bearish towards the lower trendline over the daily price chart. To retain itself at least during the consolidation phase, the token needs to amass a sizable number of buyers. When BTC fell below $25000, BAT was rejected from the horizontal range-bound area, and the n token struggled to sustain the steady rising momentum. But afterward, BTC began to rise above the $20,000 barrier and wilted, creating calm waves that allowed the cryptocurrency market to soar.

Basic Attention Token price is presently CMP at $0.36 and has lost 8.10% of its market capitalization in the last 24-hour period. Trading volume has decreased by 35.91% in the intraday trading session. This shows that BAT is experiencing strong selling pressure. The volume to market cap ratio is 0.1642.

In order to exit the consolidation period, BAT’s currency price needs to attract additional buyers. BAT bulls need to maintain the present level since the price of the BAT coin is currently in a strong bearish rally and has successfully recovered inside the consolidation phase. The average volume, however, reveals that BAT needs to draw in additional buyers in order to keep up its bullish momentum and confirm its breakout from the horizontal range and also to avoid falling again. 

Will BAT Bulls be able to Sustain?  

BAT coin must attract more buyers in order to escape the consolidation phase over the daily price chart. However, the token falters to gain support from bulls and is currently under the control of bears. Bears are trying to pull the token off from the consolidation phase. Technical indicators suggest two different stories inside the consolidation phase: the situation of divergence. The relative Strength Index showcases the downtrend momentum of the BAT coin. RSI is at 48 and is returning from neutrality now BAT investors need to wait until bulls accumulate and sustain above the lower trendline. MACD exhibits the consolidation phase of BAT coin. The MACD line is ahead of the signal line and is waiting for a crossover.

Conclusion

Basic Attention Token price has just recovered inside the consolidation phase and is now trading bearish towards the lower trendlinje over the daily price chart. To retain itself at least during the consolidation phase, the token needs to amass a sizable number of buyers. The average volume, however, reveals that BAT needs to draw in additional buyers in order to keep up its bullish momentum and confirm its breakout from the horizontal range and also to avoid falling again. RSI is at 48 and is returning from neutrality now BAT investors need to wait until bulls accumulate and sustain above the lower trendline.

Technical Levels

Support Levels: $0.34 and $0.30

Resistance Levels: $0.38 and $0.43

Disclaimer 

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