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Vikram
Aug 19, 2022
by Vikram

BAT Technical Analysis: Bear Cycle Warns 20% Price Drop This Month

BAT Technical Analysis

Table of contents

  1. BAT Technical Analysis
  2. Upcoming Trend
The BAT price action shows a bearish reversal as the buyers fail to push the trend above $0.22, resulting in a retest of the $0.20 breakout.

Key Technical Points:

  • The Basic Attention Token price dropped by 20% last week.

  • The bearish reversal rally breaks below the 50-day EMA and warns of the $0.35 fallout.

  • With a market cap of $549 million, the intraday trading volume of Basic Attention Token has increased by 25% to reach $65.98 million.

    • Past Performance of BAT

    The BAT price action shows a bullish failure to sustain above the 100-day EMA due to the increased supply pressure at the $0.46 horizontal zone. The reversal rally breaks below the 50-day EMA and challenges the buyers at the crucial support level of $0.35, accounting for a 20% price drop. Moreover, the streak of four bearish candles with higher price rejection increases the possibility of a downtrend continuation as the selling price increases.

    TradingView Chart

    Source - Tradingview

    BAT Technical Analysis

    The BAT prices might shortly reach the crucial support of $0.28 if the buyers fail to maintain dominance at the $0.35 mark. Hence traders can soon find a selling opportunity if the horizontal support level falls. As the market price falls below the 50-day EMA, the possibility of a bullish crossover between the 50 and 100-day EMA nullifies.

    The daily RSI slope displays a remarkable increase in the underlying bearishness as it drops into the nearly overbought zone. Moreover, the MACD indicator signals a selling opportunity with the recent bearish crossover with a boom in bearish histograms. Hence the technical indicators maintain a bearish bias for the upcoming trend.

    In a nutshell, the BAT technical analysis signals an upcoming short selling opportunity as the increased selling pressure threatens a fall below $0.35

    Upcoming Trend

    BAT prices might continue the downtrend, resulting in a 22% drop to take support at $0.28 if the $0.35 support level falls.

    However, a bullish turnaround from $0.35 might re-challenge the sellers at $0.45

    Resistance Levels: $0.40 and $0.45

    Support Levels: $0.35 and $0.28

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    BAT Basic Attention Token BAT technical analysis
    BAT Technical Analysis: Bear Cycle Warns 20% Price Drop This Month
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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