Basic Attention Token Price Analysis: BAT approaches the vital demand zone, price action must be monitored
- The Basic Attention Token (BAT) again got a rejection from the vital resistance level of $0.95.
- BAT observes neutral at $0.73 Mark with the low liquidation amount of $62.7 Million over the past 24-hours.
- Technical indicators are suggesting the weakness in the BAT for the short-term purpose.
Basic Attention Token (BAT) is again turning into a demand zone (green) after receiving rejection at $0.95 as key resistance (which is still valid), and lost over 21% of its cost over the past week. After a solid bearish weekend, the week started in favor of the bears and is looking a bit weak.
BAT price action distributes lower-highs and lower lows on the 4-hours price chart and lower. Thus, the coin looks neutral today and is trading at $0.735 at the time of writing, which is down 4.2% over the past 24 hours as per the CMC. Similarly, the Basic Attention token belonging to the bitcoin pair is seeing a 3% drop on 0.0000174 satoshis.
Now the bears have room to pull the BAT into the demand zone only then buyers can act aggressively for a rebound. However, daily trading volume is giving way to low liquidations, therefore, BAT is not much volatile. Despite this fact, the coin’s volume increased by 9% to $63.3 million in the past 24 hours.
The demand zone will serve as the bounce-back zone for the BAT
BAT token daily price is trading below the all vital moving lines of the EMA Ribbon indicator. And the bulls lost the indicator’s 200 EMA (Yellow) which turned into an upcoming bullish hurdle.
In terms of the daily price chart, the RSI has broken below the semi-line (50 mark) and is forming a double top formation above the 40-mark.
The Average Directional Index (ADX) is present at 24-point, indicating a slight weakening momentum for Basic Attention Token (BAT).
Basic Attention Token (BAT) price is going to breach the short consolidation limit, which may move the price towards the demand zone. As long as the price remains below the psychological round level of $1.0, buyers will continue to struggle with a sell-off.
Resistance level- $0.95 and $1.4
Support level- $0.60 and $0.40
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