Basic Attention (BAT) Price Prediction – When will BAT hit $1?
Basic Attention Token (BAT) failed to grab buyers' attention in recent trading days. The neckline breakout from April 2022 double top pattern made a sharp 54.95% in the price to 0.2546 swing low. The current price still trades within the bearish momentum, where investors should have strong reasons before aiming higher in this instrument.
Basic Attention Token (BAT) is an ERC–20-based token used for digital advertising. As a result, its user base came from a decentralized medium among publishers, advertisers, and users. Marketers can use this platform to target ads without relying on third-party companies like Amazon, Facebook, or Google.
The elimination of third-party organizations from the digital advertising world is the primary achievement of this token. Users can have higher transparency in ad serving and offer user-friendly attention-based privacy.
Although this token has a broader aim, the recent price action of the BAT/USD chart is still not supportive. There are 1.50 billion BAT tokens in circulation with a market cap of $504,113,245.
Let’s see the future Basic Attention Token Forecast from the Basic Attention Token (BAT) Price Prediction:
Basic Attention Token (BAT) Awaits A Strong Breakdown
Basic Attention Token token (BAT) initiated the bearish rally from the 1.92 all-time high in December 2021. Moreover, the formation of a double top pattern in 2022 and a neckline breakout pushed bears to become more aggressive in this pair.
The weekly price formed two consecutive bearish candles starting from the 0.480 swing high, while the weekly RSI is at the 37.20 level.
This technical analysis shows how bears are aggressive in the market from the fixed range trading volume indicator. The highest activity level from August high to low is 0.3663, from where a solid bearish daily candle appeared on 26 August. After that, the price action became corrective for more than five trading days, indicating no buyers’ action.
The immediate dynamic resistance of 20-EMA is above the price and aiming lower, which may indicate more sellers' presence in the market. In the indicator window, the RSI level is corrective between the 50.00 to 30.00 area, which refers to a strong sellers’ activity in the market.
Based on the daily Basic Attention Token (BAT) Price Prediction, a new bearish daily close below 0.3245 would grab the sell-side liquidity towards the 0.2585 level, from where a bullish correction may appear.
On the other hand, the broader market has no sign of recovery where strong bullish exhaustion is needed before going long in this pair.
BATUSD Ichimoku Cloud Analysis
In the H4 timeframe, the Basic Attention Token (BAT) trades with selling pressure, from which any bearish price action is more likely to win the battle.
In the Ichimoku Future Cloud, the Senkou Span A and B remained flat, indicating that the current price action of this pair is highly corrective. However, the Senkou Span A is above the B, indicating that bears are in control over bulls.
Based on the H4 Basic Attention Token BAT Price Prediction, The selling pressure in this pair may resume if a bearish rejection appears from the dynamic Kijun Sen level. Moreover, breaking below the 0.3251 swing low with a bearish H4 candle would increase the bearish momentum, targeting the 0.3000 level.
The alternative approach is to find the price above the 0.3517 level with a bullish H4 close before aiming toward the 0.3800 level.
BATUSD Intraday Price Action Analysis
Based on the visible range volume ranging from 10 August to 3 September, the highest activity level was found at 0.3863 level from where a strong bearish pressure came. As the current price trade is corrective after the pure impulsive selling pressure, there is a higher possibility that the price will continue pushing lower, following the broader market trend.
The dynamic 20-EMA and weekly VWAP are closer and near the current price, which indicates sellers’ order building before showing impulsive pressure. Moreover, the intraday high volume level is above the price from where minor selling pressure came.
Therefore, the H4 price action supports sellers, and any bearish rejection from 0.3517 to 0.3251 would extend the selling pressure towards the 0.3000 level. Moreover, the bearish momentum is valid as long as the price trades below the 0.3862 high volume level.
Is Basic Attention Token (BAT) A Buy?
According to the BAT Forecast, any bearish pressure from the H4 dynamic level with a strong bearish rejection will likely extend the bearish momentum in the coming days.
As the broader crypto market is struggling with the stronger US Dollar and inflation fear, investors should find more clues before going long in this pair.
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