The Basic Attention Token price has stolen the show in the last 24 hours. BAT has gained 20% whilst the rest of the market struggles in lacklustre trading.
Basic Attention Token is doing something peculiar for the cryptocurrency market recently. It’s going up. Not only that, but it is doing so in spectacular fashion considering the poor performance of the market in general.
BAT is trading at $0.5805, higher by 18% since yesterday, and lifting its market cap from $741 million to close to $900m. Of course, we are a long way from April’s $1.6972 peak. However, these days, bulls will be thankful for whatever the market provides.
The Basic Attention Token price has actually fared relatively recently. Unlike several peers, BAT’s $0.4909 cycle low came on the 10th of June compared to the latter half of the month, which marked a low point for many Alts.
Furthermore, BAT has added more than 40% since and is now testing the resolve of the 50-day moving average at $0.6202.
The daily chart shows that BAT is attempting to recover May’s sharp correction. There are some encouraging signs that Basic Attention Token is forming a bottoming foundation and appears to have good support above $0.4000.
Furthermore, if BAT clears the 50 DMA at $0.6202, the price should advance to the 100 DMA at $0.7548.
Additionally, the Relative Strength Index was reversed well from a low point of 37.19 last week, and the current reading of 48.88 suggests upside momentum is strong.
Furthermore, the Moving Average Convergence Divergence (MACD) Indicator has reverted into positive territory, reinforcing the bullish sentiment.
As encouraging as the signs may be, the broader market remains under pressure, and BAT will not be immune to general crypto market weakness. Therefore, should the Basic Attention Token price slip below yesterday’s $0.4888 low, the bullish outlook becomes invalid for the time being.
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