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BAT Technical Analysis: Falling Channel Increases Bearish Momentum


cryptoknowmics.com 22 November 2021 13:57, UTC
Reading time: ~2 m

The increased selling pressure drives the BAT prices lower in the falling channel. Hence, a downfall to the $0.93 mark is possible.

The Basic Attention Token powers a brand new, blockchain-based digital advertising platform. It's designed to reward users for their attention and provide advertisers with a higher return on their advertising spend.

Let us now move ahead to the technical analysis of the Basic Attention Token.

Past Performance of BAT

The BAT coin price falls lower within a falling channel in the 4-hour chart resulting in the fallout of multiple support levels. However, the $1 mark is standing strong and attempts to push the price higher.

However, the increased trend momentum with the continuous formation of the lower low formation indicates a bearish fallout shortly. 

BAT/USD Technical Chart

BAT Technical Analysis

The falling prices may find support near the $0.97 or $0.93 horizontal levels in the 4-hour timeframe. However, if the price manages to break above the resistance trend line, the bull run may find opposition near the $1.18 or $1.28 mark.

BAT/USD Technical Chart

The RSI slope continues the gradual falls resulting in the collapse of the central line in the 4-hour chart. Hence, the indicator gives a sell signal.

The coin price is below the crucial 50- and 100-day Exponential Moving Averages in the 4-hour chart. Moreover, the EMAs may soon give a bearish crossover. Hence, the EMAs provide a sell signal.

Upcoming Trend

Basic Attention Token's and Brave Browser's main features are their ability to tip users who are not yet members of the network. This includes individual Twitter users as well as websites. To collect tips, these users can securely register on the platform.

The falling channel drives the BAT prices lower with increased chances of a fallout below the $1 mark. Hence, traders need to keep an eye to find the closing below the $1 level. 

Upon fallout, traders can keep a target of $0.97 or $0.93 with a stop loss above the $1.10 mark.

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