Basic Attention Token (BAT) Technical Analysis: Continues to Decouple Away From Crashing Alt Market
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Basic Attention Token is standing out as the best performing asset among the top 30 cryptocurrencies today, pulling away from Bitcoin with a 9.39% lead and securing an impressive 11.20% gain against the US dollar.
In the last 24hrs trading volume has surged by 20% from $90,329,640 to $108,996,225 according to data from Coinmarketcap.
The #22 cryptocurrency has had a promising start to Q2, surging over 95% since April 11 to a new 11-month high at $0.50 on April 20. The most likely reason for this meteoric rise in value over the last few weeks is traders stocking up on BAT tokens ahead of the launch of advertising on the Brave Browser. The arrival of adverts has been scheduled to take place some time before the end of the month, and will be a core feature of the Brave platform which incentivises its users to view online adverts.
Basic Attention Token (BAT) Price Analysis
On the 4H BAT/USD chart we can see that the asset has been uptrending strongly over the last month, with increasingly longer impulse movements and shorter pullbacks.
Looking at the fibonacci retracement levels of the first impulse movement we can see that the first pullback retraced perfectly on to the 0.618 level at $0.28 before starting a new uptrend. Using this as the first swing low point, it’s possible to draw a fibonacci extension to identify new potential price targets for the next upside breakout.
The 0.618 and 0.786 fibonacci extension levels at $0.51 and $0.55 respectively, appear to be realistic price targets for the next bull run, provided bullish momentum continues to build as it has done over the recent weeks.
Looking at the 4H RSI we can see that the indicator line is still maintaining its upward trajectory towards the overbought region above. Perhaps more importantly however, is the signals from the 4H MACD indicator which is showing a bullish convergence between the 12 and 26 moving averages. This is a very positive signs for buyers and shows that bullish momentum is beginning to pick back up again after the recent correction.
Basic Attention Token (BAT) Price Targets
All ROIs are calculated from the asset’s current value at $0.43 (AToW).
PT1: 0.618 fibonacci extension level/ $0.51 (18.60%)
PT2: 0.786 fibonacci extension level/ $0.55 (27.91%)