BAT price prediction for 2024 is bullish till it holds the $0.1800 support level. The buyers are trying to show bounce and defend the boundaries of the demand zone.
Basic Attention Token performed well last month and rallied 45% approx. after the $0.1800 breakout. It created hope for a bullish trend reversal and grabbed the attention of long-term investors.
Meanwhile, the rapid increase in the buying volume is also visible which boosted the confidence of the investors. But the price lost momentum and did not give a follow-up.
Later, the price consolidated for a few days near $0.2400 and the buyers tried to hold the higher levels. The sellers won the battle and witnessed a sudden decline. It indicates that the recent rally lacked genuine buying and bulls were trapped on the higher levels.
Sellers tried to pull the prices below the 50-day and 200-day EMA to trigger the negative sentiment. But short-term bulls anyhow managed to defend the EMA support and showed a minor bounce.
At the time of writing, BAT price is trading at $0.2062 with a one-day decrease of 1.29%.
Will BAT Price Bounce Back or Decline?
BAT price prediction suggests that bulls are active near the demand zone so the view remains bullish for December.
The chart structure of the token is mildly bearish because it faces sharp rejection from the $0.2600 level. However, till the price trades above $0.1800, the bulls will remain active and try their best to absorb the sell-off.
Furthermore, if the BAT token price retests the demand zone then it may show a bounce. The next phase of the rally will only trigger when the price breaks the $0.2600 barrier. Till then, the price is expected to trade range-bound.
Basic Attention Token Price Corrected 20% From Swing High
Basic Attention Token price declined for three consecutive weeks and corrected approx. 20% from the recent swing high. It returned back to the breakout level and no reliable signs of bounce back are visible.
The MACD curve slopes down and displays a negative crossover indicating a bearish dominance. The RSI slipped below 50 which denotes weakness. However, the supertrend says till the price holds $0.1955, it will be risky to build fresh short positions.
Conclusion
BAT price prediction is mildly bullish for 2024 but this crypto will lack momentum until it breaks out of the $0.2649 hurdle.
The analysis suggests that the Basic Attention Token price is near the demand zone so it may show a short-term bounce. So, aggressive traders may take this opportunity to scale and make quick profits.
Technical Levels
- Resistance levels: $0.2649 and $0.2991
- Support levels: $0.1825 and $0.1569
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2023/11/28/bat-price-prediction-bat-lost-the-bullish-momentum-what-next/