Price Analysis

Basic Attention Token (BAT) Price Analysis: BAT Shows A Good Sign For The Bullish Momentum

Finmax

Basic Attention Token (BAT) has increased by an additional 7% over the past 24 hours of trading, bringing the price of the coin to around $0.367. The cryptocurrency has had an impressive run during April, May and the rest of 2019.

  • Basic Attention Token is currently placed as the 24th place in the top cryptocurrencies by Coinmarketcap.
  • The ROI of the coin stands at 119.93%
  • The circulating supply has been 1,263,860,090 BAT, and the total supply is 1,500,000,000 BAT
  • The market cap has been noted at 467,617,303 USD as on May 28, 2019, at 07:46:02 UTC
  • The price of the BAT coin is trading at USD 0.3699 & 0.0000422 BTC
  • The 24h volume is now 64,887,008 USD

BAT Price Comparison:

Looking at the BAT/USD 1-Day Chart:

BAT vs USD chart

Finmax BTC
  • Against the USD, we can see that the market has had a remarkable recovery during 2019. The coin had managed to break above the 200 days moving average(yellow line) during March 2019 and has been surging ever since.
  • From above: The nearest level of resistance lies near $0.4210. Further resistance above can then be expected at $0.45 and $0.46. Before reaching the April 2018 high at $0.51.
  • From below: Initial support now lies at $0.28 and $0.26. Further support can then be found at $0.20.
  • The trading volume has started to show signs of increasing over the past few days, which is a good sign for the bullish momentum.

Looking at the BAT/BTC 1-Day Chart:

BAT Chart 1

  • BAT has also been creating fresh highs against BTC during 2019: The coin had broken above the 200-days moving average line (yellow line).
  • From above: If the buyers break above 0.00005307 BTC, initial resistance lies at 0.00004229 BTC along with the 78.6% Fibonacci level.
  • From below: The nearest level of support lies at 0.00003033 BTC. Beneath this, further support is expected at 0.00002319 BTC.
  • The trading volume has also spiked higher recently during the bullish surge.
  • The RSI has broken back above the 30 levels as the Bulls resume control of the momentum.

Conclusion:

  • It seems that BAT is done with its phase of correction and is now in a non-trending environment.
  • In the last three months of trading, BAT had displayed tremendous gains after rising from $0.1 in early February.
  • Considering this scenario, the token is actually in the bullish territory but has been losing the market to the bears for the past three weeks. Meanwhile, it appears that the selling momentum may exhaust on the supporting green line at $0.3, where the price is likely to bounce or break.
  • If BAT bounces at the $0.3 support, another impulsive move could revisit the previous resistances of $0.4, $0.45 and $0.5 in a subsequent move. On the other hand, breaking $0.3 level might drop the price below the testing $0.25 support and potentially even lower levels.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button