Basic Attention Token (BAT) Technical Analysis: The One to Watch This Week

Published on January 3, 2020 by Cryptovest Staff

Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.

Trading volume over the last 24hrs has seen a marginal increase but has not been enough to confidently challenge the strong sloping resistance of the falling wedge. This particular resistance has successfully defeated BAT buyers several times over the last two weeks, and is currently preventing BAT’s price from returning to its previous highs.

Will bullish traders be able to overcome this formidable level, or will they continue to capitulate and send BAT’s price crashing further? Let’s take a look.

Basic Attention Token (BAT) Price Analysis

On the daily BAT/BTC chart we can see how the asset has been consolidating inside a falling wedge pattern (white lines), after hitting a temporary bottom at 4,580 Sats. The maximum consolidation point for this pattern sits around a key support zone (red area) between 3,580 and 3,460 Sats, which has been a critical s/r area for BAT in the past.

Looking at the daily momentum indicators it appears that bears still remain in control of the asset but buying volume is beginning to show signs of improving. The MACD histogram has now flipped above the signal line, and the 12MA is just beginning to converge above the 26MA.

The RSI is hovering above the oversold region for now, but if it breaks below the 30% level it could help bring in some new buying support.

BAT Price Targets

All ROIs are calculated from the asset’s current value at 3,780 Sats.

  • PT1: 3,900 Sats (3.17%)
  • PT2: 4,300 Sats (13.76%)
  • PT3: 4,700 Sats (24.34%)