Basic Attention Token (BAT) rallied to a new record loftier on November. 26, even as global markets plunged in tandem on fears of a highly mutated variant of COVID-19 detected in South Africa.

BAT's price surged over 30% to attain $1.88 for the first time, with its market capitalization ascension to $ii.74 billion. Its climb appeared in dissimilarity to the cryptocurrency market, which lost almost $283 billion in the same period.

BAT market capitalization. Source: CoinMarketCap

BAT snubs crypto crash

Bitcoin (BTC), the globe's largest cryptocurrency by market cap, led the losses, falling by every bit much as 7.5% to under $54,000. Ether (ETH), the second-largest, dropped over 9% to well-nigh $4,000. Solana'southward SOL, Cardano'southward ADA, XRP, Binance Coin (BNB) and other tokens plunged in sync.

Crypto traders flocked to BAT, possibly considering of its comparatively lower positive correlation with the top digital assets. According to data tracker Cryptowatch, the thirty-day correlation coefficient between Bones Attention Token and Bitcoin was 0.24, and the same versus Ether was 0.27.

BAT's correlation efficient against acme crypto assets. Source: Cryptowatch

That somewhat explains why BAT was able to ignore the marketwide downtrend on November. 26.

Bullish indicators in play

BAT's price rally to its record loftier prompted traders to secure their interim profits immediately. Every bit a result, the token corrected past more 20% after striking $1.88, thus returning below its strong resistance expanse around $i.50.

In detail, the $1.50 level has served as resistance to two technical setups developing on BAT charts since April. Get-go, the level constituted what now appears to exist a bullish loving cup-and-handle design. And second, it assisted in forming a broad ascending aqueduct setup, as shown in the nautical chart beneath.

BAT/USD three-day toll chart featuring loving cup-and-handle and ascending triangle setups. Source: TradingView

At the time of publication, BAT was in the first part of the cup-and-handle pattern, making a rounding bowl bottom called the cup. The 2nd function, should it announced, will be a cost correction within a descending channel range, called the handle.

A decisive breakout from the handle'southward trading range and $one.50-resistance may have traders center a run-upwardly college to a level at a length equal to the maximum cup-and-handle pattern's superlative. That roughly puts BAT'southward price en route to $2.75 in the coming sessions.

Related: Crypto Thanksgiving: NFT drops and Black Friday deals get mainstream?

Meanwhile, the profit target for BAT'due south ascending triangle design — confirmed past more than than two higher lows and a flat upper trendline — comes to over $2.90 later on measuring the structure's maximum height from its potential breakout point near $1.50.

BAT/USD three-day price nautical chart featuring ascending triangle breakout target. Source: TradingView

Conversely, a pause beneath the triangle'south lower trendline would risk invalidating the bullish setup, including the cup and handle. Should it happen, the side by side resistance level appears most $0.56 for a last bearish confirmation.

The views and opinions expressed hither are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you lot should conduct your ain research when making a decision.