BAT Technical Analysis: Will Token Continue its Bull Rally Ahead?

Basic Attention Token (BAT) has entered uptrend by continuously forming higher highs and higher lows.
Indicators are generating a negative signal at the current moment.
A Golden Crossover formation on the daily chart may boost the prices of the token.

Basic Attention token is predicted to make a bull move following its breakout from the consolidation zone. A horizontal line on the chart represents a resistance level of the token. Therefore, if the token breaks this resistance of $ 0.30 along with the breakout of the consolidation zone, the bull move that may have been generated earlier might strengthen.

BAT seeking attention?

The token had previously shown a bull move from its support level on the daily chart. In addition to this, token has previously demonstrated a breakout of the trendline (red line). One of the potential causes of the recent rise in token prices may be this trendline breakout. Moreover, the 50 EMA can be seen rising, therefore if the price rises even further, we may see a Golden Crossover, marking the beginning of a strong bull move.

A bearish crossover of the MACD indicator indicates that bears are currently stronger than bulls. Additionally,it suggests that token prices may decline. The RSI curve, on the other hand, is trading over its 50-point threshold at 56.42. However, this still cannot be considered a bull signal because if there is a fall in prices, the value of the RSI curve may fall below the 50-point mark.

A closer look

It appears that the token has entered a consolidation zone on the short-term chart. This consolidation zone suggests that bulls and bears are engaged in intense competition. Therefore, if the bulls prevail in this competition, a powerful bull move might be seen. Additionally, a Golden Crossover occurred earlier on the short-term chart which raised the price of the token.

BAT as center of attraction in 2023?

The BAT token can form higher highs in the coming year, but may fear formation of lower lows, that may test several support levels. The BAT prices are at a crucial stage from where it can take any turn, either impressing the bulls or the bears. If a bull run is formed, it may require a powerful thrust, to escalate prices to desired levels. If surges, BAT can face resistance near $0.3500 level, per the previous swings.

Conclusion

Investors may have noticed that the number of positive signals that the token is showing is more than the negative signals. Despite the indicators giving a sell signal at present time, it is anticipated that the token may show a bull surge in near future. Apart from this, a Golden Crossover on the daily chart may be a strong confirmation in the token’s bull rally ahead.

Technical Levels

Resistance levels – $0.3064 and $0.4184

Support levels – $0.2231 and $0.1717

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and 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