Basic Attention Token on the Rise as Resistance Approaches - Price Analysis

  • Short term: watch for a retrace, especially as Bitcoin gets volatile
  • Long term: likely uptrend established

As we have covered today, some popular altcoins are starting to have major breakouts. Basic Attention Token (BAT) is one such popular altcoin that seems to have found bottom in Q3, and seems like it’s already steaming ahead in its own uptrend -- and closing in on a key resistance level.

We start on a huge weekly BAT/BTC chart to see the full market history. We see that BAT has already broken through perhaps the most important level on the chart’s bottom, at around 2060 sats. This area was the “danger zone” which market a lower price versus BTC than BAT had seen in years.

Spit back up by deep supportBAT chart by TradingView

The next important price is at about 3000 sats, and we can see that BAT is heading for this level. We can also see that volume is coming in well, and likely to be higher this week versus last, breaking a downtrend in this area.

Moving to the daily, we see that the bullish picture is supported by the indicators. BAT has blown past the 55 exponential moving average (EMA) after briefly wrestling with it, and also climbed over another important level at 2360.

Bullish dailyBAT chart by TradingView

We see growing RSI strength matching the price peaks, and consistent histogram strength on those peaks. In fact, the histogram has been green since early September. Again, we see volume growing on the price peaks, suggesting more upside.

Finally, way down on the 2-hour chart, we see a more mixed picture and a possible pullback. A hidden bull divergence is visible so far in October, suggesting a continued uptrend. Volume is holding up even here for the most part, and the histogram has seen higher highs during the month.

Bitcoin pump is causing thisBAT chart by TradingView

Currently, however, this chart has taken a bit of a hit. The reason for this is that, at time of writing, Bitcoin seems to be breaking out of a resistance zone and looking like it could reclaim some lost territory from its massive breakdown three weeks ago. This is typical, and doesn’t necessarily reflect weakness in BAT’s uptrend per se.

In total, it looks like BAT is one of a number of promising, popular altcoins who look to have found their bottoms and reversed. This one will definitely be worth watching in the coming days and weeks.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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