Back towards the end of February, BAT was consolidating between the $0.12-0.14 regions signaling to many traders this was a profitable support level to scale in on and accumulate.
Considering this region was holding very well it was only a matter of time before BAT would make an imminent break towards the upside.
A 60% gain in price to the $0.19-0.21 region followed by a short consolidation period was enough to push BAT higher to signify a potential alt-coin cycle was in play.
A question that made many traders think.
Did BAT essentially lead the alt coin surge?
BAT Leading The Way! Alt-Coin Surge!
(https://zycrypto.com/wp-content/uploads/2019/04/BAT-Trading-View-chart-Daily-chart.png)
ust a few weeks ago when BAT was consolidating around the $0.19 support level there wasn’t many Cryptocurrencies breaking to the upside apart from the likes of BNB & LTC.
The bulls certainly took control to propel price to $0.35 with eager traders taking notice and jumping on the ride.
Making for a very impressive further 75% gain in price.
What followed from then was a new found support floor around $0.28 and price fluctuating between this region indicating a cooling off period was needed or perhaps BAT reached a strong resistance level at $0.35?
The Relative Strength Indicator (RSI) on the daily would indicate BAT is currently overbought and high probability traders used this opportunity to sell at a great profit.
Basic Attention Token (BAT) seems to be holding around the $0.28 region but could we possibly be expecting further sell off?
BAT 4-Hourly Time Frame Chart
(https://zycrypto.com/wp-content/uploads/2019/04/BAT-Trading-View-chart-4-Hour-chart.png)
The BAT 4-hour time frame would indicate a further pullback might occur towards the next level of support, which is around the $0.25 region.
Price has been respecting the wedge pattern, struggling to break out and a loss of momentum may be enough to bring the price down further.
The 18 Day MA is now currently acting as resistance pushing the price down which could potentially drive BAT to the 200 Day EMAs – Which could align well around the $0.24-0.25.
I am a huge fan of the Brave Attention Token and think a pullback was certainly required for traders to continue accumulating further before the next leg up.
A big year is in store for BAT and another strong project within the crypto space, which can certainly disrupt the digital advertising space.
The BAT signal remains in full effect for 2019 and beyond!
Source: ZyCrypto (https://zycrypto.com/price-analysis-bat-losing-momentum/)