Basic Attention Token (BAT) has been a roller coaster ride for investors. For the ones who took positions in the first half of January, BAT surely made jaws drop and pocket deep. Prices ranging around $0.25 soon rocketed 600% in mere four months. The bulls were finally worn out, and prices made a high of over $1.697 in the second week of April 2021.
The move lost steam and the script reversed; most of that climb was lost, and script holders were left with only about 70% in gains from positions taken since January. Prices gave away ground faster than the initial rise, and within two weeks starting May 10, 2021, almost all the gains were given back.
Support was then found near old peaks of April 2019 when BAT was trading in the $0.49 to $0.45 range, which sent the counter shooting off to $1.0035 again in no time. Although prices were going up, trading volumes during the same period didn’t support the rise. With BAT currently around $0.70, we observe, prices have formed a triangle pattern on the weekly chart with supports coming up around $0.55 to $0.60 and resistance from the same at $0.83 – $0.75.
Weekly RSI being around 50 is showing neutrality in prices for now. Other oscillators such as the MACD have formed hidden divergences indicating that there may be a period of rising prices in the future. This information though needs to be corroborated with proper price action at essential levels to understand what positions can be taken in BAT for future gains.
RSI is at 52, which is the neutral zone. There is zero slope formation in RSI, indicating consolidated momentum. The overall highlights of RSI are neutral, and price movement depends upon the sentiments of traders.
Overall, BAT is currently observing a downside momentum but can soon reverse, and the price may direct towards the upside. BAT is currently trading near $0.75 and has given a return of around 29% from September 29, 2021, to October 06, 2021. MACD line is above the signal line, thus indicating an upward price action. At the peak of the downtrend line, the price can be a robust point for price action in any direction.
The token is rising on an up-trending note, and there is price gain momentum after a minor pullback in the daily chart. The technical parameters favor bullish movement of price action, and it can be profitable for buyers. The price may fall and touch the uptrend line up to $0.63, and then it may break the triangle for further price action in either direction.
