James Atkins
Editor
Editor
Investors have been snapping up the dip in recent days, driving the Basic Attention Token (BAT) price upwards. The coin is presently changing hands at $0.4270, which is 66% higher than its lowest point in June.
As a result, the market capitalization of the token has grown to more than $636 million.
This BAT price action comes after a long period of consolidation. The token had lost about 90% of its value since the all-time high in early 2018. In the past few months, though, BAT started to show some strength as it formed higher lows.
The recent BAT price rally could be attributed to multiple factors. First, the overall cryptocurrency market has been in a bull run since early September. Second, BAT received a boost when it was listed on Coinbase in November.
BAT is the native token of the Brave browser. The browser aims to revolutionize the online advertising industry by creating a better ecosystem for all the stakeholders involved – advertisers, publishers, and users.
The official name of the Brave browser’s native currency is BAT. The primary function of BAT is to encourage people to utilize the browser and its additional features. Users may also choose to pay tribute to their favorite artists on the internet.
The idea behind BAT is rather basic. The creators of a chromium browser designed it with some of the most advanced security systems.
And as part of their development, they connect with organizations in all sectors that wish to reach millions of consumers.
Advertisements are shown to the members of these companies after they make their payments. These people are then paid for paying attention to these advertisements.
At the end of the month, these funds are transferred to their online wallet. Finally, customers have the option of withdrawing cash from their accounts.
Brave has achieved a considerable following among mobile users, with more than 55 million monthly active users. More than 16 million of these daily interact with it.
The firm also has expanded its development tools to compete with Google and Microsoft. A search engine, a video chat application, and a cryptocurrency wallet have all been developed.
In addition, they’ve expanded their relationships. They teamed up with Filecoin in June and integrated its storage system into the network. They also sealed a major collaboration with Near Protocol to weave Aurora into the Brave wallet.
Finally, the BAT token is being utilized to power Brave Swaps, a multi-chain DeFi platform. However, many customers face difficulties because the BAT price is quite volatile. It has taken a dipped of over 80% from its all-time high.
In the last few days, the price of the Basic Attention Token has made a slow recovery, as evidenced by the daily chart.
The BAT’s price has been going up, and it is now higher than the blue trendline. It is also above the 25-day and 50-day moving averages. BAT now has an inverted head and shoulders pattern, which is worth paying attention to.
As a result, the BAT price is likely to continue rising as bulls aim for the key resistance at $0.50. A downturn below $0.4 would negate the bullish view.
Looking at the BAT/USDT weekly chart, we see that the recent move has seen the price rise above the 25-week moving average. This is a bullish development. However, bulls will have to contend with strong resistance at $0.50.
A breakout above this level will see the BAT/USDT test at $0.70. Conversely, a move below $0.30 could see BAT retest the lows at $0.20.
From the BAT/USDT monthly chart, we notice that BAT has been in a downtrend since it peaked at $1.84 in June 2018. It hit rock bottom in December 2018 at $0.14. There has been some consolidation in recent months as the market searches for a bottom.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
