BAT Price Analysis: Token ready to break above the $0.2842 resistance level?

The token has shown bullish actions in the previous sessions.
The pair of BAT/USDT is trading at the price level of $0.2706 with a decrease of -0.59% in the past 24 hours.

In the daily time frame, the BAT token has crossed and sustained above the 50 EMA, and it is now trading near the demand zone. The Basic Attention Token (BAT) is a blockchain-based mechanism for measuring media users’ time and attention when browsing websites using the Brave web browser.

BAT token on the daily chart

In recent days, the token has shown bullish momentum and has retraced to its demand zone on the daily time frame. According to the daily chart, BAT token is currently trading at $0.2706, indicating a loss of -0.59% in the last 24 hours. The token is trading between its key Moving Averages of 50 and 200. (Red line is 50 EMA and the blue line is 200 EMA). If the token is rejected from the demand zone, it will continue to decline in price.

Relative Strength Index: The RSI curve of the asset is currently trading 64.12 is increasing in value as the token gains bullish momentum in the past few days. The RSI curve has rebounded, and if the bulls maintain their bullish momentum, the RSI will break above the 14 SMA, indicating bullishness. In the coming days, the bullish momentum will keep the RSI curve value in the overbought zone.

Analyst view & Expectations

The token is currently trading near its demand zone, and it has to be seen whether it will break above the demand zone and continue its upward momentum. Investors are advised to hold their buys and wait for the token to gain bullish momentum before buying to gain more confirmation on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to go short if the token forms a strong bearish candle near the demand zone and book profits based on their risk-to-reward ratio.

According to our current Basic Attention (BAT) Token price prediction, the value of Basic Attention (BAT) Token is expected to climb by 3.44% in the next few days, reaching $ 0.281205. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 60. (Greed). Over the previous 30 days, Basic Attention Token had 20/30 (67%) green days and 13.95% price volatility. According to our Basic Attention Token forecast, now is not the time to buy Basic Attention Token.

Technical Levels

Major support: $0.2423 & 50 EMA on the daily chart

Major resistance: $0.2842 & 200 EMA on the daily chart

Conclusion

On a daily time frame, the BAT token price has fallen below the demand zone. The BAT token price is forming a bearish chart pattern based on the price movement. It remains to be seen if the token price can rebound from the long-term demand zone or break through and drop. Investors should wait for a clear indication before acting.

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.

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