BAT Technical Analysis: Price Below the First Fibonacci Level of $1.18 - Crypto News

BAT Technical Analysis: Price Below the First Fibonacci Level of $1.18

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 following BAT technical analysis predicts the price for the next two days:

Past Performance

On April 22, 2021, BAT started trading at $1.23. On April 28, 2021, BAT closed at $1.20. Thus, in the past week, the BAT price has dropped by roughly 2.50%. In the last 24 hours, BAT has traded between $1.18-$1.23.

Day-Ahead and Tomorrow

Currently, BAT is trading at $1.19. The price has fallen from the day’s opening price of $1.20. Thus, the market seems to be downtick.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is negative. However, both the lines are close to the zero line and may change signs soon. Hence, a trend reversal may be on the horizon. In short, the price may start rising after falling for some time.

Currently, the RSI indicator is at 48%. It faced rejection at 43% and rose to the current level. Thus, buying pressures are gradually mounting. Hence, the RSI indicator is giving further credence to an impending bearish trend reversal.

However, the OBV indicator has fallen steeply. Thus, selling volumes are much higher than buying volumes. High selling volumes will push the price further down.

When we look at all the indicators together, we can expect the price to continue declining for some time. We have to wait and watch to see if a bearish trend reversal occurs and the price starts rising.

BAT Technical Analysis

In technical analysis, the price has presently fallen below the first Fibonacci pivot support level of $1.18. It may soon fall below the subsequent support levels of $1.17 and $1.15, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $1.19. By day end, if the price retests and breaks out of the 76.4% FIB retracement level of $1.22, then a price uptrend has set in. In that case, the price rise will continue tomorrow as well.



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