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Basic Attention Token (BAT) and Flamingo (FLM) Technical Analysis: What to Expect?

source-logo  cryptoknowmics.com 17 July 2021 14:50, UTC

Basic Attention Token and Flamingo prices are trending above critical support levels. BAT/USDT may reach $0.95 if buyers break $0.60, while FLM/USDT will be firm above $0.36.

Basic Attention Token (BAT)

The platform can be described more as an advertising protocol reliant on blockchain rewarding “attention” using BAT tokens.

Past Performance of BAT

After sharp 80 percent drops from April 2021 peaks, BAT/USDT prices are in consolidation inside a $0.10 zone.

From the daily chart, $0.50 has been a strong anchor for BAT bulls.

Even so, although the trend could shift to bullish, a substantive close above $0.60 must print for reversal of BAT’s fortunes.

As of writing, BAT is up 14 percent on the last trading day.

Day-Ahead and what to Expect

From an Effort-versus-Results perspective, BAT sellers could be in charge.

However, bulls have been resilient, soaking selling pressure despite BAT/USDT prices trending inside June 21 and 22 trade ranges.

BAT bulls could take control of proceedings or dump back to H1 2021 lows depending on the breakout direction.

BAT/USDT Technical Analysis

BAT bulls appear in control, adding 14 percent on the last trading day.

Aggressive BAT/USDT traders can load the dips above $0.50, aiming for a breakout to $0.95.

On the flip side, losses below $0.50 nullify the uptrend.

Flamingo (FLM)

The DeFi platform on the NEO blockchain is interoperable, allowing token swapping and derivatives trading. It also has a wrapper and a vault using FLM as the governance token.

Past Performance of FLM

FLM prices continue to drop even with overall market confidence.

At the time of writing, FLM is down four percent, retesting May and June 2021 lows at around $0.36.

Overly, FLM/USDT prices are trending lower inside a descending wedge.

Day-Ahead and what to Expect

Unless FLM/USDT prices recover above the descending wedge and $0.36 support line holds, bears could force prices back to $0.25 and even H1 2021 lows of $0.12 in the long term.

For now, the lack of confidence in the market combined with weak BTC—irrespective of solid FLM fundamentals—won’t be enough to stir demand.

FLM/USDT Technical Analysis

Aforementioned, FLM/USDT is under pressure.

For recovery, FLM bulls must keep prices trending above $0.36 for a chance of a close above the middle BB and the descending wedge.

Accordingly, a price surge past $0.40 could be the basis for $0.60 in the medium term.

On the reverse side, if FLM/USDT crumbles past $0.36, the next possible target could be $0.25—H2 February lows.