BAT price gains bullish momentum near the support trend line. The newfound demand can result in a bull run to the $1 mark.
The Basic Attention Token (BAT) powers a brand new blockchain-based digital advertising platform. It’s designed to reward users for their attention and provide advertisers with a higher return on their advertising spend.
Brave Browser allows users to view privacy-preserving ads and earn BAT rewards. Advertisers can also target ads to increase engagement and reduce losses due to ad abuse and fraud.
Let us now look at the technical analysis of BAT.
Past Performance of BAT
Since September 6th, the BAT coin price is under tremendous selling pressure due to the supply dump met near the $1 resistance zone. However, the coin price finds support near the long coming support trend line. The demand near the trend line has caused a slight pushback.
Source – Tradingview
BAT Technical Analysis
At the time of writing, BAT cryptocurrency is at $0.62. Additionally, it has experienced a rise of 2.38% in the past 24 hours. In addition, the intraday trading volume of the coin rose 15%, indicating a rise in buyer’s interest.
The bullish reversal may find resistance near the $0.75 or $1.00 resistance level. On the flip side, the support levels are at $0.60 and $0.050
The increasing underlying bullishness forecasts a bull run from the trend line shortly. This can potentially result in a gain of 30%. On the other hand, the unlikely possibility of a bearish breakout can lead to a fatal downfall below the $0.50 mark.
BAT crypto trades below all the crucial Exponential Moving Averages in the daily chart. Moreover, the falling 50 and 200 days EMA can give rise to a death cross shortly. However, the bull run can reverse the death cross.
The MACD and signal lines are below the zero mark on the daily chart. However, the lines may soon give a bullish crossover as the bearish histograms weaken. The crossover will generate a buy signal.
The RSI slope moves below the central line in the daily chart. In addition, the slope moves sideways slightly above the boundary of the oversold region. However, the slope can shortly rise above the central line as the underlying bullishness increases.
BAT technical analysis indicates that BAT is ready to start a bull run. Due to the demand met near the support trend line. As a result, the buying pressure is increasing. But the death cross possibility in the daily chart can revert the bull run. Nonetheless, the price action generates a buy signal.