BAT price broke a descending resistance line.
The RSR is moving above the support at $ 0.047.
Both BAT and RSR are in sub-wave five of their bullish momentum
In this article, we’ll take a look at Basic Attention Token (BAT) and Reserve Rights Token (RSR) price developments, while highlighting the upside possibilities for March.
We chose these two cryptocurrencies because they show similar price movements, both having exceeded long-term resistance, before validating them as support.
At the start of the year, the Bitcoin Code reviews broke through a long-term descending resistance line that had been in place for over two years. It then regained the resistance zone located at $ 0.455. However, the BAT price was rejected by the resistance zone of $ 0.68, and has since declined slightly.
It is currently exchanged between these two areas.
Technical indicators are bullish, suggesting that BAT will break above the $ 0.68 area and may try to hit a new all-time high.
The short term 12 hour chart shows that BAT is trading inside a descending parallel channel, in a move that is likely corrective.
Price moved back to the middle of the channel and increased towards its resistance line. We therefore expect a breakthrough that would push the BAT up towards the previously mentioned areas of resistance.
Technical indicators support this possibility
The wave count suggests that the BAT is in the fifth sub-wave (in orange) of a third long-term wave (in white).
The most plausible target for the top of this move is between $ 0.87 and $ 0.923. This result is obtained using a combination of external fibonacci retracement (in black) and fibonacci projection projection (in orange).
The weekly chart shows the RSR hit an all-time high of $ 0.078 on February 14. While its current decline took it to a low of $ 0.034 on February 23, price has also created a long lower wick. It has since regained the $ 0.047 area, which should now serve as support.
Although the fall was preceded by bearish divergences in the RSI (in orange), it has since generated hidden bullish divergences (in blue).
In addition, both the RSI and the MACD are on the rise, indicating that the trend is up.