en

Basic Attention Token Price Analysis: Will BAT Token Price See A Major Downtrend Due To Existing Retailers?


www.thecoinrepublic.com 11 June 2021 12:25, UTC
Reading time: ~3 m

  • BAT price is currently seeing a downtrend with an intraday loss of 4.13%. Meanwhile, the BAT/BTC pair is facing difficulty reverting back to the bullish trend.
  • Basic Attention token i is seeing a decrease in the new user’s address. Meanwhile, the technical indicators do not show any sign of positive recovery

BAT price is currently trading at $0.6528 with an intraday loss of 4.59%. Basic Attention Token came into investors’ radar for its unique concept that gives strength to a new blockchain-based digital advertising platform. It is designed to fairly reward users for their attention span while giving advertisers a better return on their ad spend. BAT token price might reach $3 by the end of the year. It is loosely correlated with BTC and its BTC pair might also see an uptrend.

Are Retailers Backing Out From BAT Token?

Source: Into the Block

The graph shows the new address, active address, and zero address in correlation with the price. It tells the sentiment of small retailers and short-term traders towards BAT. One can observe that in the last three months there is a decrease in the new address. It tells that the short term traders are backing from the project  

BAT token has also seen an increase in positive sentiment in social media. This can reverse the trend for retailers in the future.

Technical Indicators Projects A Downtrend For BAT Token Price

Source: Trading view

BAT weekly technical chart shows a bearish momentum of increasing strength. On the daily chart. BAT price is consolidated momentum. It is currently trading below 50 and 100 Daily Moving Average with a negative crossover on the daily chart. The 50MA is at the line is currently at $0.97, making it temporary resistance for the asset price. The coin’s resistance on the upside can be observed near $1, and on the downside, support can be seen near $0.5. The price has formed an accumulation zone in the 4-hour chart. If the price breaks 10% below the area, then a downtrend till $0.3 can be seen. BAT/BTC pair might also see a recovery in the future.

RSI(Bearish): RSI for the asset is currently near 38 with a downside slope. The slope in the RSI indicates a bearish momentum for the price. If it crosses above 60, then a strong bullish momentum can be observed.

Conclusion

BAT token price is currently projecting a downtrend for the upcoming days. Basic Attention Token price can reach up to $3 till the next year. Investors should do their due diligence before investing.

Technical Levels

Major Support:$0.5

Major Resistance:$0.97


   Source

Crypto News is the news aggregator about cryptocurrency, ICO, mining and blockchain.