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- The past week’s prices reached around $0.23, reflecting the ongoing liquidity crunch and commencement of the repair phase.
- The trading volume went down by 8%, equating to $28 million.
- The market capital dropped by 1%, amounting to $344.8 million.
The BAT market, amidst the ongoing crush, is surviving on first aid. The initial remedies seem to have saturated and await something miraculous to reduce the pain. Intense struggle shows effort but may not give the desired result. More target-oriented strategies and stronger force are required to get out of this pothole.
The Picturesque
The chart shows the price lying far below the 20-MA and, taking the support, before rising slightly. Reaching the upper resistance may require a longer duration than usual. The price also forms a 3-black crow pattern before going dormant, with a hammer trying to be formed at the bottom. If the current price level would have broken the support level of $0.236, it would have marked the uptrend. Instead, it goes flat and lays at the price level below the target.
The RSI indicator floats in the 30-40 range, where bears are more active. It may move up closer to the mid-range. The MACD indicator is bearish currently, with the signal line above the MACD line and bulky sales. It may move closer to converge soon. It may even surpass the signal line to keep up with the uptrend forming.
The 4-hour POV
The RSI indicator is closer to the midzone after struggling in the oversold zone for a fraction of a time. It may move and float in the 40-50 zone before going to bullish territory. The MACD indicator has turned bullish after moving closely with the signal line and shows a glimmer of purchases happening. It may remain in the same momentum while the market transitions to the bull mode.
Conclusion
The ongoing bloodbath has painted the whole crypto market in dark red and stained many contributors. BAT is one of the survivors, and it reflects the execution of the damage control protocol, it may be ineffective in the present but maybe more impactful in the future. This may be the new beginning, with new reforms and amends for the good.
Technical levels
Support levels: $0.230 and $0.210
Resistance levels: $0.31 and $0.32
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.