BAT Regains Its Momentum Significantly Over the Week!
Basic Attention Token has slipped tremendously from its peak value of $2 in November 2021. Currently trading at $0.433 after jumping from its short-term dip of $0.25. These figures showcase a wider negative stance in the last few months that is replicated throughout the major cryptocurrencies and altcoins. The saying of buying the dip might have failed multiple times during this price decline, but markets will bottom out at a level, try to consolidate, and move upwards.
BAT token currently has a market capitalization of $644,420,082, which was once close to $3 Billion. Its circulating supply of 1.5 billion tokens shows zero holding amongst the developer or promoters. The Brave Browser ecosystem of BAT token is an attempt toward capitalizing on the advertisement industry with focused leads for ad creators and rewards for the viewers. With over 50 million viewers doubling yearly, the growth of its ad-free environment can create higher value in the coming years.
Crypto-wide negative stance pulled by failing algorithmic blockchains, destabilization of stablecoins, strict government policies, and economic conditions were partly responsible for destroying value created by blockchains and their crypto tokens.
BAT token has emerged as a victorious bet for enthusiasts as it jumps over significantly from its recent dip of $0.255. Trading at $0.43, there is immense potential for BAT to continue its uptrend rally as momentum has already breached the 50 EMA resistance level. Find more information about the future price projections of the Basic Attention Token.
With a slightly positive stance, the BAT token will now be testing buyers’ faith as the resistance zone of $0.45 and $0.50 is reached. Breaching this zone will bring BAT face to face with its 100 EMA level, a relatively higher moving average that points towards a three-month trading sentiment.
The formation of wicks on the lower side in the last week provided a clear picture of buying sentiment to remain above the 20 EMA curve. The subsequent jump on July 05 indicated a victory over the 50 EMA curve.
In the present scenario, the BAT token has strong support at the $0.25 level, with RSI moving towards overbought zones. There could be minor profit booking if RSI crosses 75 on the histogram, but there would be a higher probability to trend towards $1 and target its all-time high value of $1.92 if markets remain positive for a few months.
The MACD indicator has already moved towards the positive axis with the 9-day exponential moving average curve trading above the Signal Line. A crossover of these two in the positive axis would indicate probable profit-booking; hence the later these lines cross the path, the better it would be.
Since the 100 EMA curve lies in tandem with the $0.50 mark, the Basic Attention Token will continue to move upwards with a stronger buying sentiment with downside support of the $0.40 level.