Basic Attention Token

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Basic Attention Token price analysis: BAT breaks above $1.7. Correction to follow?

BAT is highly bullish today as the bullish momentum has taken the price upwards of $1.7 today. At the start of the week, the price trend was downwards, but things started getting better for BAT from 23rd November when the bullish entry was observed on the charts. Thereon the BAT started with slow recovery for a period of two days and rallied high during the last 28 hours breaking above the crucial resistance of $1.28 yesterday, turning it into an important support level.

As the price spiked, the BAT was also observed to be overbought at the $1.4 price range. However, the token managed to spike further higher despite being in an overbought state. As we can see, the token was consolidating from 9th to 24th November, and the RSI was in neutral range at that time as the price was hovering above $1 mostly during the consolidation phase.

BAT/USD 1-day price chart: BAT hits ATH at $1.74

The 1-day price chart for Basic Attention Token price analysis shows the token leveled up with the previous all-time high of 8th May 2021 yesterday, at $1.42, and then continued upside today as bulls are discovering new highs for the token. At the time of writing, the token is trading at $1.74 at the highest price point ever observed, gaining 48 percent value during the last 24 hours. The trading volume is surging high as it increased by 671 percent, taking the market cap up by 52 percent.

The BAT/USD is highly volatile at the moment as the Bollinger bands diverged steeply yesterday as the token’s price made a high jump, and the indicator’s divergence still continues with the upper band reaching $1.48 representing first-line support for BAT, and the lower band has moved down to 0.82 representing the lowest level of support for BAT.

The moving average has traveled up to the $1.18 level. The relative strength index (RSI) entered the overbought region yesterday and continues traveling upwards in the overbought region at index 77 on a steep curve.

Basic Attention Token price analysis: Recent developments and further technical indications

The 4-hour Basic Attention Token price analysis shows the token is covering range upwards continuously today. The last small correction was observed yesterday. But the buying seems to be slowing down as bulls are now tired, and the token is already in the overbought state.

The RSI curve is also validating the above statement, as the RSI curve has changed and is flattening out at index 48, hinting at signs of bullish exhaustion. The volatility has further increased as the Bollinger bands have further expanded on the 4-hour chart. Most of the technical indicators are in favor of bullish momentum according to our Basic Attention Token price analysis.

Basic Attention Token price analysis: Conclusion

From a technical standpoint, the price has almost doubled in just a few trading sessions as it was $1 on 23rd November and has reached $1.74 today, gaining more than 70 percent. Looking at this amount of surge in price, a correction of 20 to 30 percent will be no surprise due to expected heavy profit-taking by the traders after such a bull run from $1.00 to $1.74.

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