- Coming from a downtrend, now stuck in a parallel channel.
- The crypto asset is presently trading below the 5 days simple moving average.
- The trading volume is at a decrease of 32.46% signifying the bearish pressure.
Basic Attention Token, or BAT, is the token that powers a new blockchain based digital advertising platform designed to fairly reward users for their attention, while providing advertisers with a better return on their ad spend. The primary use case for the BAT is as a payment token for running advertising campaigns through Bave Ads.
The Basic Attention Token was coming through a strong downtrend and is currently trapped between a sideways trend. Which shows that the bulls have started fighting for dominance, but it is not that easy to just come and change the market trend as the bears are not just the spectators here. In order to break the resistance bulls need more potential. The price is currently trading below the moving average.
Price for one BAT coin is currently at $0.37 with a loss of 2.47% in its market capitalisation in the last 24 hrs trading session. BAT has a trading volume of 63 million with a significant decrease of 32.46% and a market cap of 569 million which is at a decrease of 2.41%. The volume market cap ratio is 0.1133.
BAT Need More Buyers
The token needs more buyers to escape the sideways trend as analyzing the short term graph (4 hrs) there we can observe a long sideways trend.
The MACD indicator over the 4 hrs graph indicates that the bears are influencing the price more firmly as the red histograms are rising. On the contrary the MACD on the daily graph is indicating a vice versa situation. So this time the indicators are looking quite manipulative.
The relative strength index is again moving towards the oversold region signifying the bearish pressure. The RSI value is below 40 over the daily graph.
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Conclusion
The Basic Attention Token was coming through a strong downtrend and is currently trapped between a sideways trend.The token needs to attract more buyers. RSI is moving downwards amib the bearish pressure.
Technical levels
Resistance levels: $0.45 and $ 0.55.
Support levels: $ 0.30 and $0.40.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/06/17/basic-attention-token-price-analysis-the-bulls-are-struggling-for-a-breakout/