BAT struggles to maintain its upward movement as NEM and RVN break out

Basic Attention Token (BAT) has bounced back from the horizontal support area of ​​$ 0.49 but is struggling to maintain an uptrend.

NEM (XEM) has broken out above both the short and the descending resistance line.

Ravencoin (RVN) has broken out of the descending resistance line.

BAT

BAT has fallen since it hit an all-time high of $ 1.69 on April 9th. The downward movement led to lows near $ 0.42 on May 23 and June 22, respectively, then the token rose again. The uptrend confirmed the USD 0.49 zone as support. This area is the 0.786 Fib retracement support level.

However, the uptrend was short-lived and BAT moved back towards the USD 0.49 support. If there is a breakdown, the next support is at $ 0.28.

The technical indicators are relatively bearish as the MACD is in negative territory, the Stochastic oscillator has created a bearish cross and the RSI is below 50.

However, the latter indicator has also created a bullish divergence, a sign that a rally is imminent.

BAT / USDT daily chart | Source: TradingView

The shorter-term two-hour chart shows that BAT has broken below an ascending wedge, possibly an incipient crossover.

It is currently trading right at the 0.618 Fib retracement support and appears to be about to begin an upside move.

In the short term, MACD and RSI rise.

If the wedge is indeed a crossover, the BAT is expected to rise to at least $ 0.72.

BAT / USDT 2-hour chart | Source: TradingView

Highlights

• BAT is trading above the $ 0.49 horizontal support area.
• It broke beneath a rising wedge.

NEM

The NEM has been declining since March 3rd along with a descending resistance line. It finally broke out on June 13, but hit another low on June 22. However, the move failed and confirmed the previous resistance line as support (green symbol).

The token has risen since then and is gradually approaching the horizontal resistance area of ​​$ 0.24.

Technical indicators are increasing. The RSI is above 50, the MACD is cutting almost positive territory and the stochastic oscillator has created a bullish cross. These signals support the continuation of the upward movement.

NEM / USDT daily chart | Source: TradingView

The shorter-term six-hour chart is also showing a breakout above the descending resistance line. The move is in line with signals from the daily timeframe where the token is expected to move towards the USD 0.24 resistance area.

NEM / USDT 6-hour chart | Source: TradingView

Highlights

• NEM has broken out above the descending resistance line.
• There is resistance at $ 0.24.

RVN

The RVN has been moving along a descending resistance line since May 27th. It continued to hit a low of $ 0.04 on June 22nd. Since then the price has risen and on July 4th it broke a descending resistance line.

It looks like the token is currently starting an upward move, which is also supported by the MACD & RSI, both of which are bullish. The latter indicator has also moved above 50.

If the token continues to move up, the next resistance will be at $ 0.102, which is a horizontal area of ​​resistance.

Daily RVN / USDT Chart | Source: TradingView

Highlights

• The RVN has broken out above a descending resistance line.
• There is resistance at $ 0.102.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

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