BAT Technical Analysis: Price May Fall Below $0.66

Basic Attention Token (BAT) is a token that powers block-chain based digital advertising platforms. It was designed to give users a fair reward for their attention and provide advertisers with a better return on expenditure. Brave Browser provides faster-browsing speed (claims to be 2x faster than Chrome), protects privacy, and also provides Malware protection. The BAT technical analysis is as follows:

Past Performance

On June 9, 2021, BAT opened at $0.67. On June 15, 2021, BAT closed at $0.69. Thus, in the past week, the BAT price has increased by approximately 2.98%. In the last 24 hours, BAT has traded between $0.66-$0.77.

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Day Ahead And Tomorrow

Currently, BAT is trading at $0.68. The price has increased from the day’s opening price of $0.69. Thus, the market seems bearish.

The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is turning bullish. Hence, the price may rise further.

Currently, the RSI indicator is at 49.34%. It faced rejection at 38.39% and rose to this level. Thus, buying pressures are slowly mounting for BAT. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

On the 45-min chart, the OBV indicator is trending upward. Thus, buying volumes are higher than selling volumes. On the other hand, high selling activity will exert downward pressure on the BAT price.

In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

BAT Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $0.69. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.68, $0.67, and $0.66, respectively.

The price is trading below the 38.2% FIB retracement level of $0.69. It may soon fall below the FIB retracement level of $0.67. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

However, on the upside, if the resistance of level $0.70 is broken, it will highlight the next resistance at $0.73. That can be kept as the target for the long call.