thecoinrepublic.com
- 1 Basic attention token price registers a spike of 6.82% in the past 7 days.
- 2 The 24-hour trading volume of BAT is down by 4.52%.
- 3 The market capitalization is up by 4.93% in the last 24 hours.
Basic attention token (BAT) price is trading at $0.1959 against USDT with a rise of 3.43% during the intraday session. Basic attention token had struggled to rise above $0.34 in the beginning of 2023, when price surged from the low of $0.1643 and formed a yearly high at the $0.3360 level. The level of $0.3360 was heavily rejected which triggered a drop in the price and it melted down straight to the $0.2060 level.
There was a follow-up bullish rally from $0.2060 in the hopes of retesting the yearly high, but the move failed after touching $0.3245. Since then, the cryptocurrency’s price has been performing a zone-to-zone breakout in the downward direction, thereby losing all the gains made in 2023.
Currently, the price has formed a support at $0.1635 to begin its bullish journey to recover from the losses caused in June. The beginning of June has been wretched for BAT prices and the crypto market amid the Securities and Exchange Commission’s recent legal actions. The price broke the major support level of $0.2060 and shattered the yearly lows.
BAT price is struggling to rise above $0.2000 as it faced resistance in the last week. A break and close above $0.2000 level would provide a slight confirmation regarding the move toward the next resistance level of $0.22. For this move to occur, the price must possess bullish momentum. .
On the other hand, if bears can push the price below $0.1800, it might fall toward the recently formed support level of $0.1635. The year-to-date return has shifted to the green side and is currently at 17.81% while the three-month return is still on the red side at -27.08%.
Will Bat Price Break the $0.2000 Level?
The cryptocurrency’s price has crossed above the 20 day EMA, indicating rising bullish momentum in the price. However, the current candle is facing rejection from the 50-day EMA. The chaikin money flow score is 0.10 suggesting strength in the market.
The relative strength index (RSI) is currently at 52.70 and sloping upward, indicating rising bullish momentum. The price has formed a support on the 20-day SMA of bollinger and is headed toward the upper band of bollinger.The long/short ratio stands at 1.15, indicating a rise in buying positions over the past 24 hours, with 53.55% of longs and 46.45% of shorts.
Conclusion
The market structure and price action of Basic attention has turned bullish after bouncing off from the recently formed support of $0.1635. The technical parameters are suggesting that there is a rise in the number of buyers and if bullish momentum prevails, there is a possibility that price might break and rise above $0.2000.
Technical Levels
Major support: $0.18 and $0.1635
Major resistance: $0.22 and $0.2450
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.