- 1 Basic Attention token price currently trades at $0.1666 while witnessing a loss of 0.77% during the intraday trading session.
- 2 BAT price trades below 20, 50, 100, and 200-day exponential moving averages.
- 3 The year-to-date return of the Basic Attention Token has dropped to 0.66% while the three-month return is -18.87%.
Basic Attention Token (BAT) entered an uptrend during mid-June, rising from the low of $0.16 and creating a high at $0.2286. The cryptocurrency price surged after the release of news regarding BlackRock, an asset management firm, filed for Bitcoin ETF.
The news induced positive sentiment in the crypto market which turned all the cryptocurrencies bullish. On August 15, BAT price broke the uptrend and fell heavily. Recently, after breaking the trend line, the asset price formed support at $0.1650 and regained bullish momentum.
Source: BAT/USDT By TradingView.
The bullish move was halted at $0.18 and the price retraced back to the recent support of $0.1650. Currently, BAT price is stuck in a narrow consolidation zone ranging between $0.1650 and $0.17 on smaller time frames.
Possibilities For Basic Attention Token
The Basic Attention Token price has been hovering near the support level for the last four days. If bears can push the price below $0.1650, the price might melt down and fill the wick of the 17th August candle. Traders should wait for a candle to close below the $0.165 level for slight confirmation.
On the other hand, if a candle can close above $0.17 and the next candle can break the high of the candle, BAT price might rise toward the next resistance level of $0.18.
The 24-hour trading volume has increased by 5.75% but the market capitalization is down by 0.89% to $248,655,004. The price is down 91.31% from the all-time high of $1.92 and up 152.03% from the all-time low of $0.066.
Will BAT Price Hold $0.165 Level?
Source: BAT/USDT By TradingView.
The cryptocurrency price has slipped below 20, 50, 100, and 200-day exponential moving averages, indicating bearish momentum. Chaikin money flow (CMF) score has climbed above the 0 mark and currently trades at 0.18, suggesting a rise in strength and capital inflow in the market.
The relative strength index of basic attention token trades at 37.22 indicating that there is still a confluence of bears over the market. The overall market structure is still bearish as the price had a strong downfall after the break of the trendline.
The Bollinger bands have shrunk which implies that there is a decrease in volatility. The long-short ratio is 0.82 with 45.23% and 54.77% shorts suggesting a higher position of sellers in the last 24 hours.
Conclusion
The current market structure and price action of Basic Attention Token is indecisive as the price has been hovering near the recent support of $0.165 and in a narrow consolidation zone.
Technical Levels
- Major support: $0.165 and $0.15
- Major resistance: $0.18 and $0.2130
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.
