Basic Attention Token on Track for New Uptrend - Price Analysis

  • Short term: may see a pause here after healthy gains
  • Long term: strong likelihood of a long term uptrend

Basic Attention Token, or BAT, has long been a popular and well-performing altcoin. This token, part of the ecosystem of the Brave web browser, is also one of the only tokens attached to a working product. But on the charts, this token has been in a deep corrective phase, cooling off form a stellar Q1 2019. Lately, however, things have started to look up.

Starting on the weekly BAT/BTC chart, we see BAT’s trip back to the bottom of its chart after its impressive performance early in the year. We should pay attention to the MACD/histogram pane, bottom, which is showing the classic crossing-over pattern: the histogram is returning to the positive side, and the MACD is crossing bullish after, after a grand and multi-month bottoming-out arc back up.

Bottomed out chartBAT chart by TradingView

The precise bottom of the chart seems to be at about 2069 sats, and we can see that BAT has retaken this level in the last week. The RSI is clawing its way back to decently safe levels at the center of its range.

Coming down to the 3-day chart, we see the makings of an uptrend. The RSI is putting in higher highs and lows for a solid uptrend, while the histogram is climbing at a flat rate. The only onion in the ointment is trade volume, which is still just about at the bottom.

Strong indicatorsBAT chart by TradingView

And moving to the daily, we see BAT has already had some gains since finding its bottom in September -- about 40% worth. Today’s volume has already overtaken yesterday’s will more than half a day of trading to go before the close. The exponential moving averages (EMAs) are crossing bullish, and on the whole it definitely looks like an uptrend is begun.

Strong volume todayBAT chart by TradingView

We should keep an eye on the RSI, however, as it looks like it could put in a bearish divergence today if price is sold back down. We could definitely see a slight pullback in the short term, and a potential retest of the important level retaken at 2060-70 sats.

Finally, on the daily MACD/histogram, we see that histogram lows have diminished to nothing. We might expect to get higher peaks on the positive side of the chart, and here we definitely appear to have an uptrend in play.

Likely histogram higher highsBAT chart by TradingView

BAT is a proven performer on the charts. It seems to have put in a bottom in the last few months, and clearly looks to be starting an uptrend. We will keep watching this one.

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

Featured Image Credit: Photo via Pixabay.com