Basic Attention Token (BAT/BTC) is in bull territory, rallying above the 50 Week EMA and reaching up to the 0.00003 level before finding some resistance, currently trading around 0.000024. BAT has recovered nicely over the past few weeks with a breakout above 0.00002 and the 50 Week EMA, giving BAT an initial base and levels of support before moving higher.
(April 17, 2021 9:00 PM EST)
Outlook:
Basic Attention Token (BAT) rallied to nearly the 0.00003 BAT/BTC level before finding resistance and pulling back a bit on the weekly chart. This is to be expected as you can see 0.00003 has been resistance dating back to mid-2019. However, if we can break above this level, last seen in 2018-early 2019, then you can expect to see a major BAT rally in satoshis to 0.00005 and possibly even 0.00007 or higher. At current BTC prices of ~$62K, 0.00005 would be $3.1 or more than a 2x current BAT/USD prices. Of course, crypto is in a secular bull market so we are expecting both BTC prices and altcoin prices to gain against the USD and altcoins against BTC albeit late in the cycle.
In the interim, we're looking for BAT to test resistance at 0.00003. An impulsive break above there would signify a bullish breakout and a possible short-term rally to 0.00005 and potentially higher. Further, BAT is supported by the 0.00002 level and the rising 50 Week EMA which BAT is now trading above. The confluence of these 2 variables should provide buying opportunities for medium-long-term investors and a floor for BAT in the event of a bull market correction.
Given how BTC is still relatively early in its macro bull market, we are unlikely to see any significant altcoin gains until weeks after Bitcoin has peaked, likely not until Q4 2021 or Q 2022. There's still plenty of time to accumulate BAT for the inevitable run up as Web3 continues to siphon users from archaic internet iterations such as web2 browsers and ad-spamming web platforms like Google and Facebook.
Support: 50 Week EMA around 0.00002.
Resistance: 0.00003, 0.00004, 0.00005, then 0.00007 and ultimately 0.0001 BAT/BTC.
