BAT Technical Analysis: Bear Cycle Warns 20% Price Drop This Month

The BAT price action shows a bearish reversal as the buyers fail to push the trend above $0.22, resulting in a retest of the $0.20 breakout. Key Technical Points: The Basic Attention Token price dropped by 20% last week. The bearish reversal rally breaks below the 50-day EMA and warns of the $0.35 fallout. With a market cap of $549 million, the intraday trading volume of Basic Attention Token has increased by 25% to reach $65.98 million. Past Performance of BAT The BAT price action shows a bullish failure to sustain above the 100-day EMA due to the increased supply pressure at the $0.46 horizontal zone. The reversal rally breaks below the 50-day EMA and challenges the buyers at the crucial support level of $0.35, accounting for a 20% price drop. Moreover, the streak of four bearish candles with higher price rejection increases the possibility of a downtrend continuation as the selling price increases. Source – Tradingview BAT Technical Analysis The BAT prices might shortly reach the crucial support of $0.28 if the buyers fail to maintain dominance at the $0.35 mark. Hence traders can soon find a selling opportunity if the horizontal support level falls. As the market price falls below the 50-day EMA, the possibility of a bullish crossover between the 50 and 100-day EMA nullifies. The daily RSI slope displays a remarkable increase in the underlying bearishness as it drops into the nearly overbought zone. Moreover, the MACD indi...