Basic Attention Token (BAT) Retests Multi-Year Accumulation Zone Support

Key Takeaways

• Descending wedge nearing completion.
• Crucial support at $0.134 – $0.162.
• Potential breakout if demand increases.

Basic Attention Token (BAT) is currently trading within a descending wedge, nearing a crucial support zone.

The higher time frame suggests a corrective structure in progress, while the lower time frame indicates a possible move lower before a potential reversal.

Elliott Wave analysis aligns with these observations, highlighting a wave completion scenario near key Fibonacci retracement levels.

BAT Price Analysis

The daily BAT chart reveals a prolonged corrective phase labeled WXYXZ that started on April 4, 2023 and is now nearing completion.

BAT hit a high at $0.372 on Dec. 7 but failed to sustain above the horizontal resistance zone marked with red color (a zone where a rejection happened previously).

The decline led toward a significant support area between $0.134 and $0.162, where the price is now approaching the final “Z” wave.

A critical observation is that BAT has tested this green support zone multiple times in the past, acting as a historically strong demand region.

Additionally, the Relative Strength Index (RSI) on the daily timeframe attempts to recover from oversold conditions, which could indicate a bottoming process.

If BAT holds above the support zone, a potential reversal may occur, aligning with previous price behavior where the asset rebounded after reaching this level.

However, the current lack of buying volume suggests caution, as a breakdown below $0.134 could trigger further downside momentum.

However, the price must establish higher lows and break above the descending trendline to confirm a move toward the upper resistance zone.

BAT Price Prediction

On the 1-hour chart, BAT remains within a clearly defined wedge structure, with price action respecting the lower and upper boundaries, potentially forming an (a-b-c-d-e) corrective pattern.

The recent rejection at the upper trendline suggests a final move lower toward the $0.134 – $0.162 support zone before a potential reversal.

Elliott Wave labeling on this timeframe suggests that BAT is in the final leg of its corrective sequence, with wave (e) likely extending slightly lower before completion.

This aligns with previous cycles, where final wave movements tend to create liquidity sweeps before reversing direction.

If BAT finds support in the projected demand zone, the first bullish scenario suggests a strong rebound toward $0.20, followed by a potential breakout targeting $0.25 – $0.30.

This would confirm the completion of the corrective structure and signal the beginning of a new impulsive wave.

Conversely, if the support at $0.134 fails, the next likely scenario is a capitulation event, leading to a sharper decline before any meaningful recovery.

However, this remains an unlikely case unless broader market conditions deteriorate further.

Confirmation of a bullish reversal would come from an impulsive breakout above the wedge resistance and sustained trading above $0.20.

Traders should also monitor RSI for a bullish divergence, which could signal strength returning to the asset.

Key Levels to Watch

• Immediate Resistance: $0.20 (psychological resistance).
• Key Resistance: $0.25 (descending wedge breakout target).
• Major Resistance: $0.342 – $0.372 (historical supply zone).
• Immediate Support: $0.162 (local demand zone).
• Critical Support: $0.134 (final support before deeper sell-off).
• Short-Term Target: $0.25 – $0.30 if wedge breakout confirms.
• Invalidation Zone: Below $0.134, risking the extended downside.