BAT Takes Support from Its 100 Days Moving Average!

BAT or Basic Attention Token is a native token meant for the Brave browser ecosystem. Under Brave, it is used as a blockchain tool for its digital advertising platform. The BAT token is beneficial for both users and advertisers since users are rewarded for viewing ads through the BAT token. At the same time, advertisers can use BAT tokens to create advertisements getting a higher return of value spent on advertisements. 

Allowing advertisers with the value-added feature of targeted ads ensures higher engagement while cutting down on losses due to fraudulent advertisement numbers. The BAT token is exchanged between the advertisers and users, accounting for 70% of the total number of tokens paid by advertisers. 

At present, BAT ranks among the top 100 cryptocurrencies with a market capitalization of USD 1.18 billion. Almost the entire corpus of 15 billion coins is circulating in the market. 

BAT Price Analysis

A sudden profit booking has reduced its value by more than 20%, but we witnessed a strong buying action.

BAT Price Analysis

There is visible evidence of sellers stopping their actions while buyers are still far off from the BAT counter. BAT has strong support on $0.68 levels followed by $0.46 levels. On the upside, the token faces resistance at $0.82 levels followed by $1.00 levels. From a technical perspective, BAT is mildly positive with respect to the last three months of price action. 

BAT token’s 100 Day Moving Average currently lies at $0.6720 and seems to be in a vertical line for the four weeks. This indicates a fall in buying sentiment over the duration. BAT forming a pin bar candle on September 08 indicates the buying element at lower levels, which reinforces the positive sentiment on its counter at a 30% discounted level. BAT has retraced up to 16% in value from its low of $0.6900 to the current levels of $0.7899.

Breaking of the trend line has also added negative elements to BAT token’s price action. RSI falls to 45 from the overbought positive region within three days, while volumes have decreased compared to the September 07 movement.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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