The price of Bitcoin and that of a number of altcoins have reportedly endured brief price losses in recent days. The bearish action although short-lived hit the price of Dogecoin and Basic Attention Token hard. However, the Dogecoin price prediction and Basic Attention Token Price Prediction for today shows that both coins along with a few others have started to enjoy bullish divergence. The price of Basic Attention Token and Dogecoin recently broke from bearish patterns and are on a bullish trend. Will the price of Dogecoin and Basic Attention Token continue rising? What makes them stand out among other tokens?
To answer these questions, an analysis was conducted on the short and medium-term actions of DOGE/BTC and BAT/BTC.
Dogecoin Price Prediction: Breakout for the Price of Dogecoin
As of April 9, the price of Dogecoin recorded stood at 52 BTC which was a low. In the coming days, prices rose. Which resulted in a high of 58 BTC on April 18. Since that time onwards, the price of Dogecoin has been decreasing in the descending wedge.
The price of Dogecoin eventually broke out from the wedge on May 16. Despite the fact that the breakout was legitimate, DOGE could return into the trading pattern before falling again.
The breakout began above-average. Furthermore, when the price of Dogecoin reached the 100 MA, it launched a swift reversal. This resulted in the emergence of a long upper wick. Additionally, a bearish cross was created when the 100 MA crossed under the 200 MA on April 30.
The breakout for DOGE may have been false. Hence, the coin may drop beneath the resistance position.
Basic Attention Token Price Prediction: Breakout for the Price of Basic Attention Token
On April 16, the price of Basic Attention Token broke from a resistance position and continued rising until it reached 9400 BTC which was a high on April 20. Prices began falling on a new descending line while the old resistance emerged as support.
BAT saw low of 4500 BTC on May 8 to validate its support line before rebounding to hit the resistance as of May 16.
On May 9, BAT price reached 4438 BTC which was a low. It continued its decrease before dropping to another low of 4317 BTC on May 13. A similar low was recorded on May 20. The RSI attained the first low as of May 9. However, since then it continued to generate higher values.
This is a bullish divergence and usually precedes price increases. After which the divergence, preceded the breakout which could mean the price gains for BAT may already be over. But, we can see that all three lows found support over the 200 MA.
Will the Price of Both Coins Remain In An Upward Movement?
From the above analysis, we have found the price of Dogecoin and the price of Basic Attention Token broke from their respective negative patterns.
For the price of Dogecoin, there was a weak breakout and prices failed to move past the 100 MA. The price of Basic Attention Token, on the other hand, developed a significant bullish divergence then initiated a breakout. It found support over the 200 MA.
BAT will initiate an upward move shortly while the price of DOGE may likely decrease. Nonetheless, both coins have brought value to the crypto market and this means they will experience more bullish trends in the short term and the long term.