Basic Attention Token price was on a downtrend after the bullish move of June was halted, and the price broke the bullish trendline. The cryptocurrency price entered into an uptrend during mid-June after the release of news regarding BlackRock, an investment management firm, filed for Bitcoin Spot ETF.
BAT price rallied for approximately 40% from the low of $0.16 and formed an August high at $0.2286.
During the middle of August, the bullish momentum faded, and BAT’s price broke the bullish trend line. The asset price fell and formed a yearly low of $0.15. Basic Attention Token has recently formed support at $0.16 and has been printing bullish candles for the last four days.
Where Will Basic Attention Token Price Head Now?
The previous candle closed a bullish candle, and the current candle has broken the high, headed toward the next resistance level of $0.18.
If bulls push the price above the next critical resistance level of $0.18, the price might advance toward the next resistance level of $0.2130. On the other hand, if BAT’s price rejects $0.18, it might melt down toward the recent support of $0.16.
The market capitalization of Basic Attention Token increased by 2.72% to $262,856,950 at the time of writing.
However, the 24-hour trading volume has declined by 9.82%, according to CoinMarketCap. BAT price is up 166.82% from the all-time low of $0.06621 and down 90.81% from the all-time high of $1.92.
The combined market capitalization of cryptocurrencies surged 0.39% to $1.073 Trillion. However, there is a decrease of 10.17% in the 24-hour volume of the crypto market.
Will BAT Price Rise Above $0.18?
The cryptocurrency price has surged above the 20-day exponential moving average, indicating a rise in bullish momentum. BAT price still trades below 50,100 and 200-day EMAs.
The Chaikin money flow score has surged above the 0 mark and currently trades at 0.20, suggesting strong strength and capital inflow in the market.
The relative strength index has surged above the 50 mark and trades at 53.22, implying a rise in the participation of bulls in the market. The Bollinger bands have contracted, indicating a decrease in volatility.
The long short of the Basic Attention Token is 0.75, with 43.17% longs and 56.83% shorts, indicating a higher selling position in the last 24 hours.
Conclusion
BAT price needs to rise above $0.18 to witness decent gains. The market structure and price action of Basic Attention Token shows that the price is slowly gaining bullish momentum.
Technical Levels
Major support: $0.16 and $0.15
Major resistance: $0.18 and $0.213
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/16/basic-attention-token-price-prediction-next-target-at-0-22/