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BAT Technical Analysis: Consolidating Prices Struggle Near $0.45

cryptoknowmics.com 05 August 2022 21:14, UTC
Reading time: ~2 m

The BAT price action shows a bullish breakout attempt of the prolonged consolidation range between the $0.35 and the $0.45 mark. Key technical points: 

  • Basic Attention Token(BAT) prices have been trapped within a consolidation range for almost three months, with a bearish drop to $0.28.
  • The decreasing bearish spread between the 50 and 100-day SMA teases a bullish crossover.
  • With a market cap of $649 Billion, the intraday trading volume of Basic Attention Token has increased by 165% to reach $111 Million.

Past Performance of BAT

The BAT price action bullish reversal from the $0.28 mark to keep continuing the sideways trend between $0.35 and the supply zone at $0.45. However, the bullish surge fails to exceed the supply zone despite multiple attempts leading to higher price rejection candles near the overhead resistance. Nonetheless, the ongoing bullish cycle takes an early launch from the 50-day SMA to reattempt a bullish breakout. TradingView Chart Source- Tradingview

BAT Technical Analysis 

The BAT price action 7.12% jump today to reach the overhead resistance at the $0.45 mark. However, the traders hoping for a breakout rally should wait for a price action confirmation to avoid a bearish reversal trap. The 50-day SMA closes in on the 100-day SMA teasing a bullish crossover reflecting an improvement in the underlying bullishness. Hence, the possibility of a bullish breakout increases. The RSI slope shows a bullish turnaround from the halfway line avoiding a drop below the 14-day SMA. Thus, the indicator reflects a growth in the underlying bullishness. The MACD indicator shows the fast and slow lines gain a bullish spread after a sideways trend slightly above the zero line. Hence, the indicator shows a boom in buying pressure increasing the breakout possibility. In a nutshell, the BAT Technical Analysis showcases a stronger bullsih side teasing a trend reversal, unleashing the trapped bullish momentum.

Upcoming Trend 

If the BAT price breaks above the overhead resistance zone, the breakout rally might exceed the $0.56 mark. After that, traders can expect the extended uptrend to reach the psychological mark of $0.65. However, if the buyers fail to break the resistance level, a bearish turnaround will test the bottom support at $0.35. Resistance Levels: $0.45 and $0.56 Support Levels: $0.35 and $28

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