The Basic Attention Token (BAT) is a blockchain network that aims to eliminate the inefficiencies and security violations inherent in the digital advertising industry. Creators get BAT tokens as a reward for content creation and users who view the ads also get paid in BAT. It is the first crypto application with more than 1 million registered users. The technical analysis is as follows.
Past Performance
On Jun 21, 2021, BAT opened at $0.60. On Jun 27, 2021, BAT closed at $0.54. Thus, in the past week, the BAT price has declined by roughly 10%. In the last 24 hours, BAT has traded between $0.50 – $0.54.
Day-Ahead and Tomorrow
Currently, BAT is trading at $0.536. The price hasn’t changed much from the day’s opening price of $0.54. Thus, the market seems neutral with equal buying and selling pressures.
The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price rise amidst a bearish trend.
Currently, the RSI indicator is at 47%. It faced rejection at 32% and rose to the current level. Hence, buying pressures are slowly building. High buying activity will exert upward pressure on the BAT price.
However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will push the price up.
In short, the RSI and OBV oscillators have given positive signals whereas the MACD indicator has given mixed signals. Thus, as of now, the overall market momentum is bullish. However, we have to wait and watch if intermittent price rises are market corrective action or signs of an impending bullish trend.
BAT Technical Analysis
Currently, the price is below the first Fibonacci pivot resistance level of $0.54. It may soon surpass it and further rise above the second and third resistance levels of $0.55 and $0.57, respectively.
The price has tested and broken out of the 76.4% FIB retracement level of $0.53. The price may further rise above the 138.2% FIB retracement level of $0.55 as well. By day close, if the price retests and falls below these levels, then probably a price downtrend has set in. In that case, the price may continue to fall tomorrow as well.
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