BAT Technical Analysis: Breakout Rally Soon To Reach $0.50

BAT prices exceed the long-coming resistance trendline with a 35% jump over the last seven days and tease a jump to $0.50.

Key technical points:

• BAT market price has increased by 6.88% over the past 24 hours.
• The price action shows a trendline breakout rally gaining momentum.
• The 24-hour trading volume of Basic Attention Token is $112.90 Million, indicating a hike of 24.57%.

Past Performance of BAT

BAT prices maintain a distinct downtrend generating a bearish trendline, accounting for a 70% drop to reach the $0.28 mark. The buyers quickly started to hoard at such a discounted price resulting in a hike of 35% over the week. Moreover, the reversal rally surpasses the $0.35 resistance level.

Source- Tradingview

BAT Technical Analysis 

BAT price action forms a bullish engulfing candlestick with higher price rejection signaling a formidable selling pressure at $0.43. Hence, traders hoping for a price jump must wait for a price action confirmation. MACD indicator: A bullish reversal helps the MACD, and signal lines regain the positive alignment to head towards that zero line. Thus, the indicator suggests an extremely high likelihood of a trend that is bullish. RSI Indicator: The RSI slope brings a sharp turnaround from the oversold area, surpassing its 14-day SMA to reach the halfway line. Hence, the RSI could soon signal an opportunity to buy after breaching the halfway line. Bollinger Bands: As the Bollinger bands experience a lateral shift away from the downward trend, a change in trend control is evident. In addition, the reversal rally gets to the midline and is preparing for the move to the upper band, signaling an uptrend with high momentum. In a nutshell, the BAT technical analysis forecasts a price jump to the $0.50 mark.

Upcoming Trend

BAT prices can shoot high if the buying pressure continues and the daily candle closes above the mid-line of Bollinger bands. Hence, traders can expect the uptrend to reach the psychological mark of $0.50. Resistance Levels: $0.43 and $0.50 Support Levels: $0.35 and $0.28

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