The Basic Attention Token price is turning higher from support and appears to be setting up nicely for an impulse move to the upside.
Basic Attention Token (BAT) is grinding its way higher as the cryptocurrency market waits to see if Bitcoin will reclaim $50k and trigger a rush of capital into altcoins. BTC has climbed steadily in the last 48-hours and is now changing hands at $49,200, just below the psychological $50k threshold. The market leaders strength is encouraging altcoins to follow suit, with many experiencing substantial uplift. However, BAT is yet to make its move and is currently grappling with the 50-Day Moving Average at $1.18. Although, the Basic Attention Token price could soon play catch up.
The daily chart shows Basic Attention Token is facing resistance at the 50-DMA and this week’s high of $1.24. If BAT clears the selling between $1.18-$1.24, an extension towards the Dec 7th high of $1.41 looks likely. However, an exaggerated spike to the Nov high of $1.94 is possible if BTC powers through $50k.
On the other hand, if Bitcoin fails to deliver $50k, it could turn lower, taking BAT with it. In that event, the 100-DMA at $0.94 is a must-hold level for the bulls. A daily close below the 100-DMA targets the 200-DMA at $0.81.
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This post was last modified on %s = human-readable time difference 08:10