Bitcoin
BTC$70 734.57

1.57%

Ethereum
ETH$3 561.52

1.36%

Tether
USDT$1.000151

0.06%

Binance Coin
BNB$584.24

-0.38%

Solana
SOL$188.44

1.04%

XRP
XRP$0.623217

1.40%

Basic Attention Token (BAT) Backs Off in the Face of Tough Resistance


August 2020

Basic Attention Token (BAT) has demonstrated an instance of very strong growth in the past 30 days against USD, rivaled only by that of the cryptocurrencies that represent the DeFi space. In the said period, BAT got a 42% bump to its value in the main fiat currency and also had a decent 15% positive performance against Bitcoin.

BAT all-time chart

The historical chart above demonstrates how methodically the token has been recovering after the March flash crash, up to the point where it found itself in close proximity to $0.45, the peak of the last major bull rally that took place in 2019.

Bulls are out for this week


As of the time of writing, BAT is priced at $0.39 on the back of the 12.45% appreciation in the last 24 hours, which puts the cryptocurrency 63% away from the all-time high at $1.06.

On the macro scale, Basic Attention Token has arrived at the point of great importance because its behavior in the next few weeks will determine whether the altcoin for marketing and content monetization possesses the genuine intention to establish the first higher high on the historical chart since the infamous dump of 2018.

The chart shows BAT going swiftly to the upside, along with a sharp spike in trading volume, instigated by arguably the strongest bullish push the token had seen in months. The successful conquest of $0.45, and preferably the second price edge at $0.5 that marked the full reversal to the bearish side in 2018, would put Basic Attention Token is a secondary uptrend and open it the way towards, and above, the all-time high. The present conditions in the cryptocurrency market are largely favorable for the bulls, so a push above $0.5 seems feasible, especially if the price won’t get severely rejected at $0.45.

To get a clearer picture of the occurrences in this market, let’s take a look at the weekly time frame, where we can see that BAT’s initial attempt to even reach the level at $0.45 was futile as the price met the opposition from the bears even before the designated level, which has already resulted in the 11% push to the downside.

1-week BAT/USDT chart

Given the enormity of trading volume we see in the BAT/USDT pair this week, the price is unlikely to close above $0.45 during this run, thus leaving the market overheated and below the crucial resistance, which increases the probability of a deep retracement that may well turn into a correction and leave BAT in the bearish territory.

Since the cryptocurrency market as a whole decided to give the gains a rest at the end of the week, it’s highly unlikely that BAT would make a heroic move above $0.45 before the week’s close.       

Our Basic Attention Token price prediction is that the token would require a retracement before making another attempt at $0.45, with the most probable retracement bottom established at $0.3. A move to, or below, $0.28 would cancel out the bullish scenario.

Author: Alex Paulson for Crypto-Rating.com

Related

Basic Attention Token (BAT) Remains All-Around Bearish
Basic Attention Token (BAT) Remains All-Around Bearish
Basic Attention Token (BAT) Awaits Another Bearish Wave
Basic Attention Token (BAT) Awaits Another Bearish Wave
Basic Attention Token (BAT): Little by Little, The Price Travels Higher
Basic Attention Token (BAT): Little by Little, The Price Travels Higher
Basic Attention Token (BAT): Its Upside Flow About to be Disrupted
Basic Attention Token (BAT): Its Upside Flow About to be Disrupted
Basic Attention Token Stands at a Crucial Junction
Basic Attention Token Stands at a Crucial Junction
Basic Attention Token: Improvement in Fundamentals Negated by Market Crash
Basic Attention Token: Improvement in Fundamentals Negated by Market Crash
Basic Attention Token (BAT): Nice and Steady Growth
Basic Attention Token (BAT): Nice and Steady Growth
Basic Attention Token (BAT) Price Prediction
Basic Attention Token (BAT) Price Prediction
BAT coin Price Forecast for September 2019
BAT coin Price Forecast for September 2019

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 79.6% 42 $70 734.57 1.57% 7.55% $1 391 140 747 215 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 77.2% 49 $3 561.52 1.36% 2.01% $427 638 198 492 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000151 0.06% 0.01% $104 520 065 350 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 62.4% 81 $584.24 -0.38% 3.68% $87 364 761 086 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 58.8% 88 $188.44 1.04% 5.47% $83 742 639 571 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 80% 28 $0.623217 1.40% -1.26% $34 204 799 381 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $0.999973 -0.02% -0.02% $32 465 083 721 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 68% 66 $0.223035 9.88% 44.61% $32 041 022 250 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 69.2% 65 $0.648010 -0.09% 2.81% $23 057 951 234 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 57.6% 87 $54.31 0.70% 0.04% $20 497 699 245 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 58.4% 94 $0.000032 2.06% 16.86% $18 604 490 488 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 61.6% 87 $4.91 -0.21% 21.37% $17 033 025 216 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 74% 49 $9.49 0.09% 3.54% $13 542 332 162 DOT 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 77.6% 42 $19.11 -1.18% 4.52% $11 221 582 819 LINK 7 days price change
15 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 68.8% 59 $569.63 7.73% 37.59% $11 211 410 676 BCH 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.