The Basic Attention Token (BAT), perennially one of the best performing altcoins in past years, continues to chug along in a powerful uptrend despite Bitcoin’s (BTC) recent big price drops. Along with ChainLink (LINK), it seems that this is one of the few altcoins serving as a safe haven from Bitcoin dumps — and the uptrend still looks very healthy after more than 100% gains since September.
If we start with the weekly BAT/BTC chart, we immediately see a volcanic uptrending momentum on the histogram — at present, the trajectory is almost straight up.
This uptrend comes after a lengthy bottom-finding season during the summer, and price has by now reached the main inflection zone of the chart.
On the daily BAT/BTC chart, there is major strength on the indicators. First of all, after about four strong bursts to the upside, volume has only grown on almost every surge, indicating no flagging in buy support.
BAT chart by TradingView
The RSI peaks are not diverging bearish at all, showing consistent power on every price surge. The histogram, however, is showing slight divergence from price, but not dramatically. BAT has taken an important price level around 3,000 sats, and we can look to that level for an initial retracement target after the latest price surge. This picture is mostly repeated on the BAT/USDT pairing.
Finally, coming down to the 4-hour USDT pairing, we’re waiting for strength to be proven at the inflection zone around $0.23. The histogram on this chart has the potential to arch up in the next few hours, and we see that price is trying to maintain a presence above the 21 EMA.
Sell volume on the downside, after the latest price surge, has been pretty weak. All in all, BAT may be able to form a base here (or may already have) in anticipation of another leg up. Basically, there is no sign yet of the need for a more robust correction — especially given BAT’s resilience to Bitcoin’s movements.
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Featured Image Credit: Photo via Pixabay.com
