Basic Attention Token is Entering a Strong Seasonal Phase
Basic Attention Token (BAT) is entering a strong seasonal phase that can lead to topping prices by the end of July and the beginning of August. The seasonal tendency simply shows the price pattern of BAT to rise or fall in the course of a calendar year.
BAT Seasonal Pattern
Historically, the months that have been more profitable for BAT have been January, April, July and November. The chart also shows that these seasonally strong phases in BAT's price have led to the cryptocurrency topping out.
It's also interesting to note that January, April and November were the critical months when BAT's price printed a major high.
While this is an excellent seasonal pattern for BAT's price, traders should also be aware that we will reach a swing high.
The area between $0.40 and $0.50 is a strong pivot point that acted in the past as both resistance and support.
RSI Indicator
In terms of the weekly momentum readings, we have bottomed exactly near the previous two lowest Relative Strength Index (RSI) readings near the 35 level. However, since we're hovering around the 50 mid-level, we can expect more consolidation.
Remember that the seasonal pattern might not always repeat, but they are a pretty good indicator of telling us what might lay ahead.
What is a RSI Oscillator?
An RSI oscillator is a technical indicator that measures the momentum of a stock price. It is used to identify potential turning points in the market.
The indicator is based on the difference between the average price of a stock over a certain period of time and the current price. If the current price is higher than the average price, it indicates that the stock is in an uptrend. If the current price is lower than the average price, it indicates that the stock is in a downtrend.
What is the Basic Attention Token BAT?
The Basic Attention Token (BAT) utilizes the Ethereum blockchain and a specialized web browser known as Brave.
The BAT token is used as currency on the Brave platform and can obtain several different advertising services. It is designed to be exchanged between users, advertisers, and publishers. It is based on an unusual concept that is critically important to advertising companies operating in the digital age: user attention.
