The past two weeks have been very intense for Basic Attention Token holders. The Coinbase listing announcement caused a major price spike, following be a large retrace after trading effectively began. Now that all markets have calmed down a bit again, it appears the uptrend will be resumed shortly. An initial push to $0.275 is certainly possible, assuming the current levels can act as long-term support first and foremost.
Basic Attention Token Price Recovery Commences
It is very normal for speculative markets to rise in value and face a major onslaught shortly afterward. No asset in the financial industry can rise in value forever without early investors cashing out profits. In the cryptocurrency world, that is perhaps even more obvious compared to other markets. In this particular case, the Basic Attention Token price took a big dump, yet is now slowly recovering.
Over the past 24 hours, there has been a notable uptrend across the board. A small 3.5% gain in USD value, combined with a 4% gain over Bitcoin and a 5.2% increase over Ethereum all pave the way for a positive trend in the near future. At his rate, it should not take too long for the Basic Attention Token price to reclaim the $0.275 level. Turning it into a viable support, is something else entirely.
Technical analysts on social media seem to concur this is a crucial time for the BAT price trend. After the “reckoning” following the Coinbase listing subsided, the time has come to look toward the future once again. There is still a channel to break out of, but if successful, the sky’s the limit for BAT. Failure to break through this channel may result in a further downtrend, though.
Two Lessons we can learn from BAT. (Basic Attention Token)
1.Use a Stop Loss.
2.Where there is hype, a pull back is waiting.
Warren Buffet said “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”#knowledge #trading #crypto #southafrica pic.twitter.com/Un0geE6jkm
— Inter X (@InterXCrypto) November 13, 2018
According to Mr. Bullish Sail, this trend certainly appears promising. Although it remains a bit unclear how long it will take the Basic Attention Token price to recover, it seems a future uptrend is all but inevitable at this point. That will only happen if there is sufficient trading volume to make this trend persist. For now, the volume is still on the low side, but things can change fairly quickly.
— Mr. bullish sail (@armijogarcia) November 13, 2018
One has to keep in mind this current market trend may not necessarily signal the recovery people have been looking for. It will mainly depend on how BAT holds itself compared to Bitcoin. Key levels sit at 4,268 and 4,580 Satoshi. Hitting those levels without too many problems can certainly result in positive developments moving forward.
#BAT #basicattentiontoken Showing some signs of recovery after the @coinbase listing dump. I like as targets pivot lines 4268, 4580. We have a EMA 10/20 happening right now and a rising RSI from a bottom zone. 😇. pic.twitter.com/40NZU6McdS
— Nico (@CryptoNTez) November 13, 2018
Considering how all major cryptocurrency markets are still on shaky legs, the Basic Attention Token price will feel some ill effects along the way as well. 2018 Has been a brutal year for most currencies, although a market recovery will occur sooner or later. It appears a massive accumulation phase is ongoing, which should eventually lead to more positive changes in 2019 and beyond. For now, one has to take every small uptrend at face value, as no major breakouts will occur this year, by the look of things.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.