Basic Attention Token Price Analysis – BAT/USD

Basic Attention Token is an open-source, decentralized ad exchange platform based on Ethereum, founded by Brendan Eich. The platform is integrated with the Brave web browser, the 31st largest cryptocurrency by market cap, Basic Attention Token having its market cap stands at the level of $166,750,641, 05:26 UTC on December 12, has experienced its current value dipped by 59.8% relative to the level of November 07 as analyzed from the aforesaid graph. It seems that the strong bearish pressure has caused this cryptocurrency to put into the downtrend.

Let us talk about the technical picture of the BAT/USD pair as follows:

Since both moving averages have slashed representing a negative signal. The falling 20-day EMA shows that the bears have the upper hand. With this, it seems that the BAT remains in a bearish trend in its medium-term outlook. While the ‘descending bottom’ represented by the trend line confirms that there is no bullish patterns signifies which can suggest a buy, hence, it is best to remain on the sidelines for traders and should wait for the trend to rebound and a bottom to form ‘uptrend’ before initiating any long positions in it. The 20-day EMA is sloping down shows that the balance is tilted in favor of sellers.

However, those that believe in the story of blockchain and cryptocurrencies, and would like to invest into this one, the current fall offers an excellent opportunity to invest for the long term.

Let us talk about a specific milestone that this cryptocurrency attained in the recent past. The BAT remained range bound from October 11 to November 01 this year, as the cryptocurrency rallied from a low of $0.162 to a high of $0.347 which is a 114.19 percent within 21 days. Amid this, the BAT stayed in the range of $0.166-$0.348 from October 12 to December 04 as we can quickly analyze from the graph above that the bears broke below that level and since then it experienced fluctuated downtrend in value.

If bulls succeed in rising and sustaining above the $0.140 and create uptrend (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $0.140.

The post Basic Attention Token (BAT): Price Analysis, Dec. 12 appeared first on CryptoNewsZ.