BAT: Basic Attention Token defies market trend as it breaks out of bullish pattern to reach one-year highs

Basic Attention Token broke the market trend and pumped by approximately 20% since the start of the candle on April 21, 2019 [UTC]. The token has been performing nothing short of a miracle since 2019. It pumped by approximately 300% year-to-date.

The price of the token at press time was $0.45 and the market cap was $566 million. The 22nd largest cryptocurrency was just below NEM, and very close to reaching the top-20 cryptocurrency list.

Cup and Handle Pattern

BAT formed a Round Bottom pattern, which could further develop into a Cup and Handle pattern. These are bullish patterns and suggest a further bullish move.

Source: TradingView

If the Round Bottom pattern proceeds to become a cup and handle pattern, the price of BAT will correct to form a handle, which will mean the prices will fall. After the formation of the “handle”, the prices will breakout to the top, breaking the highs made in April 2018. The price of BAT has so far pumped by 300% in four months, and if the pump continues, the price could easily surpass its all-time high of ~$1.

Altcoins

At the time of writing, Bitcoin was crashing from a bearish pattern, by 1.55%, which caused other cryptos to fall drastically. Litecoin crashed by approximately 10% in a few hours, Cardano fell by 8%, Ethereum dropped by 4%, and XRP also faced a drop of 4%. Considering the trend of altcoins, BAT managed to defy the trend and move up.

This could be the start of BAT decoupling from the king coin and  having a value of its own, where the price of the token would depend on the developments occurring in the project.

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