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In new technical analysis, Basic Attention Token (BAT) is a cryptocurrency that aims to eliminate the inherent inefficiencies and security violations in the digital ad world. In the recent past, this altcoin has witnessed unprecedented growth with the large-scale adoption of BAT by leading brands. It is also being used as a utility token by many blockchain-based gaming apps and platforms.
Past Performance
On May 21, 2021, BAT opened at $0.88. On May 27, 2021, BAT closed at $0.84. Thus, in the past week, the BAT price has decreased by roughly 4.5%. In the last 24 hours, BAT has traded between $0.81-$0.86.
https://s3.tradingview.com/snapshots/y/YTQfevDp.png
Day-Ahead and Tomorrow
Currently, BAT is trading at $0.84. The price has decreased slightly from the day’s opening price of $0.845. Thus, the market seems bearish.
Both MACD and signal lines are positive. Thus, the overall market momentum is positive. However, both the lines are close to the zero line and a bearish crossover by the MACD line over the signal line has occurred. Thus, the market momentum may turn negative soon.
Currently, the RSI indicator is at 60%. It faced rejection at 50% and rose to the current level. Thus, buying pressures are higher than selling pressures.
The A/D indicator is steadily rising. Hence, whale accumulations are higher than whale distributions. High buying activity will exert upward pressure on the BAT price. Thus, both the RSI and A/D indicators have given positive signals.
In a nutshell, when we look at all three oscillators together, we can say that as of now, all of them have indicated an impending price rise. However, we have to wait and watch if the market momentum turns negative or the bulls start gaining strength.
BAT Technical Analysis
Currently, the price is above the Fibonacci pivot point of $0.836. The price may break out of the first Fibonacci pivot resistance level of $0.856 soon. Thereafter, we have to wait and watch if the price starts declining again.
Presently, the price has tested and broken out of the 38.2% FIB retracement level of $0.84. The price may soon break out of the 23.6% FIB retracement level of $0.85. Thus, as of now, it seems bulls are becoming stronger. In that case, the price may continue to rise today and tomorrow.