The price of BAT hits a new high after a daily increase of 30%, as the basic attention token fights the downtrend of cryptocurrencies

The Basic Attention Token (BAT) rose to an all-time high on November 26, even though The global market plummeted simultaneously Concerned about the detection of highly mutated COVID-19 variants in South Africa.

British American Tobacco’s stock price soared by more than 30%, reaching US$1.88 for the first time, and its market value rose to US$2.74 billion.Its rise is in stark contrast to the cryptocurrency market, which has lost Nearly 283 billion U.S. dollars In the same period.

BAT snubbed cryptocurrency crash

Bitcoin (Bitcoin) Is the world’s largest cryptocurrency by market capitalization, leading the decline, with a decline of up to 7.5% to less than US$54,000. Ether (Ethereum), the second largest, fell more than 9% to nearly $4,000.Solana Sol, Cardano Have, Ripple, Binance Coin (Bitcoin) And other tokens plunged simultaneously.

Crypto traders flock to BAT, probably because it has a relatively low positive correlation with top digital assets.According to data tracker Cryptowatch, 30-day correlation coefficient The gap between Basic Attention Token and Bitcoin is 0.24, and the gap with Ethereum is 0.27.

This explains to a certain extent why BAT was able to ignore the overall market downtrend on November 26.

Bullish indicators play a role

The price of British American Tobacco rose to a record high, prompting traders to immediately obtain interim profits. As a result, the token corrected by more than 20% after hitting $1.88, returning to below the strong resistance area near $1.50.

In detail, since April, the $1.50 level has been a resistance to the two technical settings on the BAT chart.First of all, this level constitutes what now appears to be bullish Cup handle patternSecond, it helps to form a broad Ascending channel settings,As shown below.

At the time of publication, BAT was in the first part of the cup handle mode and made a round bottom of the bowl, called a cup. If it occurs, the second part will be the price correction within the range of the descending channel, called the handle.

The decisive breakout of the breakout of the handle trading range and the resistance of $1.50 may allow traders to see a rise to a level where the length is equal to the height of the maximum cup handle pattern. This roughly caused the price of BAT to rise to $2.75 in the following trading day.

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At the same time, after the measurement structure approached the maximum height of $1.50 from its potential breakthrough point, the profit target of the BAT ascending triangle pattern-confirmed by more than two higher lows and a flat upward trend line-exceeded $2.90.

Conversely, a break below the lower trend line of the triangle may invalidate the bullish setup, including the cup and handle. If this happens, the next resistance level will appear near $0.56 for final bearish confirmation.

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