Basic Attention Token (BAT) Presents a Weak Price Upside Correction

The price of the Basic Attention Token has increased by 4.34% today. However, its price action maintains a weak appearance. Even technical indicators are revealing that upside momentum is weak. Nevertheless, lets take a closer look at possible developments that may occur in this market.

BAT Statistics:
Basic Attention Token Value Now: $0.1748
Basic Attention Token Market Cap: $259,589,570
BAT Circulating Supply: 1,489,950,992 BAT
Basic Attention Token Total Supply: 1,500,000,000 BAT
BAT CoinMarketCap Ranking: 109

Major Price Levels:
Top: $0.1748, $0.1800, and $0.1900
Base: $0.1700, $0.1600, and $0.1500

Basic Attention Token Bulls Are Looking Weary Too Soon

Price activity in the Basic Attention Token Market had regained upside consciousness following a downward retracement that took prices from near the $0.2200 price level to around the 1600 price level. Consequently, this caused traders to bleed out most of the gathered gains from June 15th until around August 11th.

The ongoing upside correction has been able to bring prices above the 9-day Smooth Moving Average (SMA) line. Likewise, the Stochastic Relative Strength Index (RSI) lines are also rising steadily towards the 40 level of the indicator. However, the distance between these lines suggests that volatility is weak in this market at this point.

BAT Market Bulls Are Striving to Keep the Upside Course

Coming to the BATUSDT 4-hour market time frame, it could be seen that prices may extend upside the correction. Here, the just-concluded session introduced a minimal downward correction. This pushed prices towards the support formed by the 9- and 21-day SMA curves. However, the ongoing session has raised hopes of an upside rebound. This can be seen as a green, almost dashed-shaped price candle appearing above the 9- and 21-day (SMA) curves.

Additionally, the RSI lines are still rising into the overbought region, though it seems too sensitive given the magnitude of price increases in recent times. All these points point to the fact that upside momentum is weak and an upside correction may only approach the $0.1800 mark.

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