Basic Attention Token (BAT) – breached below the rising wedge pattern, setting the stage for a new bearish wave

Basic Attention Token (BAT) – breached below the rising wedge pattern, setting the stage for a new bearish wave

Basic Attention Token (BAT) has been underperforming in the last few sessions. It reversed harshly lower after posting a fresh 2-month high at 0.461 on July 8^th and breached decisively below the rising wedge pattern, letting the bears take control.

Technically the negatively charged 55- and 100-day exponential moving averages, are defending the broad negative structure, while the momentum indicators are currently backing the bearish mode adopted, as the ROC is falling aggressively beneath its zero line and the RSI is declining in the bearish territory.

Therefore, all eyes now are on the nearby June 30^th bottom of 0.351 that managed to add some footing under the price on Wednesday. A break below that level, will widely open the gates for the rising wedge’s target at 0.260, which overlaps with the June 13^th bottom. If intensified selling pressures overwhelms this base too, they could boost the coin’s bearish tone, bringing under examination the 0.177 support line that was twice tested back in December 2020 and January 2021.

However, if bulls manage to mold a foothold around 0.351, they could lift the price towards the 55-day exponential moving average at 0.418, and the lower line of the pattern. Slightly higher, another battle could take place around the last week’s high of 0.461. By overrunning the latter, the buyers will gain confidence to conquer the 100-day exponential moving average at 0.488 and propel higher towards the February 24^th bottom of 0.568.

Briefly, Basic Attention Token has completed a bearish continuation pattern, but a sustainable extension below 0.351 is required before the bears claim another victory.