Weekends are usually difficult periods to trade cryptocurrencies. Today may be a bit different, which is good news for those speculating on the Basic Attention Token price.
BAT Price Trend Resumes
When Bitcoin remains relatively bullish - or at least neutral - the alternative markets perk up. For Basic Attention Token, the uptrend is seemingly being resumed, after some sideways action in the past few days. All of this momentum hinges on what happens to Bitcoin, thus caution remains advised.
With a fresh 2.7% gain in the books, the BAT price is trying to cling to $0.31. There is very little trading volume to go around, but it still represents over 16% of its total market cap. As BAT is primarily traded against BTC on most platforms, it will be crucial to keep an eye on BAT/BTC indicators as well.
BAT/USDT Technical Indicators
Bollinger Bands: The BBs for BAT/USDT remain fairly wide, confirming there will be ample liquidity and volatility. That latter part may shake the Basic Attention Token price trend up a bit, albeit it is still too early to draw real conclusions. For now, there are plenty of green candles, and nothing to worry about just yet.
Moving Averages: The moving averages keep moving up, except for the MA200. It seems that the MA200 is flattening out, which is somewhat to be expected at this time. The MA20 remains well above the MA50, thus no real change in momentum is expected. That is, barring any major mishaps for Bitcoin.
RSI: All cryptocurrencies enjoy an extended stay in overbought RSI territory. That doesn't seem to matter much, as it is not an official indicator of where the market will head next. The BAT RSI seems to be angling up slightly, thus there should be plenty of bullish momentum to keep things moving along.
Resistance Levels: A core resistance level is coming up for BAT/USDT near $0.3189. Further resistance levels can be found at $0.3318 and $0.3386. The current support sits at $0.2760, albeit it has not been thoroughly tested as of yet. With some volatility on the horizon, the price will ping-pong between the expected support and next resistance level for a little while.
BAT/BTC Technical Indicators
Bollinger Bands: Very similar action where BAT/BTC is concerned, albeit the BBs are even wider. This is another indication of plenty of potential market volatility ahead. For now, there is a minor improvement for this market, as BAT remains above 3,000 Satoshi. That may be a temporary trend, however, as this level will remain under contention for some time to come.
Moving Averages: The moving averages for BAT/BTC are less outspoken compared to BAT/USDT. While the MA20 remains above the MA50, they are very close to one another. This will be very interesting momentum to keep an eye on overall. A push to 3,100 Satoshi remains likely, but it may take a little while.
RSI: Even this RSI has entered overbought territory in the past few days. With the RSI sloping up, it seems to indicate that there is plenty of interest in BAT/BTC trading. Most traders look to increase their overall BTC holdings, thus this market may be worth keeping an eye on.
Resistance Levels: There doesn't appear to be any real resistance level until 3,130 Satoshi. However, with Bitcoin's own momentum playing such a key role in this aspect, there can be volatility in both directions for the entire weekend. Eventually, the breakthrough should occur, but no one really knows how long that process will take.