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On June 26, theprice made a low of 2260 satoshis. An upward move ensued. On July 1, the BAT price made a high of 3331 satoshis.
Since then, however, BAT has been decreasing.
On July 8, it again reached lows close to 2260 satoshis.
Will it begin another upward move? Keep reading below in order to find out the answer.
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Since reaching the aforementioned low on May 26, the BAT price has been following an ascending support line.
On July 8, the price broke down from this support line.
How long will this decrease continue?
Let’s take a look at a longer-term view to put it into perspective.
A look at the weekly time-frame shows that the BAT price has reached lows close to 2400 satoshis on three occasions:
Connecting these lows gives us a horizontal support line.
The recent breakdown caused the BAT price to reach this area again.
Additionally, a look at the moving averages shows that the price is firmly in a downtrend.
A bearish cross occurred at the end of May, and the 10-week MA has been offering resistance to the price since.
Will the BAT price break down from this support line?
While the Basic Attention Token price has made a double bottom near 2300 satoshis, the RSI has generated higher values.
However, this divergence is not visible in longer-term time-frames, and not present at all in the MACD.
A look at the daily moving averages gives a similar outlook to the weekly ones.
The price has been trading below both MAs.
During the upward move on July 1st, it made an attempt at breaking out above the 20-day MA, but was pushed back immediately.
The same thing occurred on July 8, and the BAT price made a bearish hammer.
At the time of writing, both MAs have begun to decrease, and the price is trading below them.
The BAT price recently broke down from a short-term ascending support line.
Moving averages indicate that the price is likely still in a downtrend.
The RSI supports a possible upward move. However, there is still significant resistance left to be cleared if that move is to materialize.
What do you think of the Basic Attention Token price? Let us know in the comments below!
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of Shutterstock, TradingView.
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