Basic Attention Token (BAT) Sees a Sizeable Bearish Contraction

The Basic Attention Token ranks among the best-performing coins in the crypto market. Despite this, the token still holds on to a 2.67% price increase. This gain stands above a very important technical landmark, suggesting a possible continuation of the upward retracement in this market.

BAT Statistics

Current Price: $0.1782

Market Capitalization: $266.83M

Circulating Supply: 1.49B

Total Supply: 1.5B

CoinMarketCap Rank: 162

Key Price Levels

Resistance: $0.2000, $0.2250, $0.2500

Support: $0.1700, $0.1450, $0.1200

Basic Attention Token Stays on Course for More Gains

Looking at the BATUSDT market, price activity remains around key technical levels. The last price candle for the ongoing session places the token’s current value above the 9-day Exponential Moving Average (EMA) line.

A noticeable compression can also be seen on the last price candle. The Stochastic Relative Strength Index (SRSI) indicator lines are converging for an upward crossover in the oversold region, which technically suggests that bullish momentum is likely to strengthen. This could further support more price increases as bullish sentiment grows.

BAT Downward Progress Keeps Experiencing Friction

On the 4-hour chart, Basic Attention Token’s price action has been retracing toward the support established by the 9-day EMA curve. The most recent price candle particularly suggests that downward forces are weakening, as it appears compressed but red.

Price activity still remains largely above the 9-day EMA line. The SRSI indicator curves are currently in the overbought region but descending slightly toward the 80 mark. At this point, traders should watch out for a breach of the support formed by the 9-day EMA, as such a move would signal a stronger downward retracement. Otherwise, the market may rebound upward toward the $0.2200 price level.

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