Basic Attention Token ($BAT) loses steam. Can $BAT recover from its current low of $0.18?

Midway through June 2023, Basic Attention Token ($BAT) began to trend upward, climbing from a low of $0.15 to a high of $0.23. Following the news that asset management company BlackRock had applied for a Bitcoin ETF, the price of various cryptocurrencies had skyrocketed.  

$BAT 5-day price chart. Source: Trading View

The news caused the cryptocurrency market to experience a surge in optimism, making all cryptocurrency enthusiasts highly optimistic. However, on August 15, the $BAT price reversed course and plunged. Recently, the asset price created support at $0.1760 and picked up positive momentum after breaking the trend line. 

The price later reversed to the most recent support level of $0.1650 as the upward rise was stopped around $0.18. On shorter time frames, the $BAT price is currently constrained to a modest consolidation zone between $0.15 and $0.18. 

For the past five days, the price of Basic Attention Token has been circling close to the support level. The price may melt down and fill the wick of the 17th August candle if bears can drive it below $0.16. For a little confirmation, traders can watch for a candle to shut below the $0.15 mark. 

$BAT price could move upward towards the next resistance level of $0.18, however, for this to happen, a candle should close above $0.17 and the next candle can then break the previous candle’s high.

Although the market capitalization has decreased by 0.89% to $248,655,004, the 24-hour trading volume for $BAT has climbed by 5.75%. The price has increased by 152.03% from its all-time low of $0.066 and decreased by 91.31% from its all-time high of $1.92. 

Some experts say $BAT is poised to smash through the $0.1775-$0.1820 resistance range like a boss. For some time, it has been trading in a constrained range, but now it is ready to break free. Wait for it to break above the resistance region if you’re considering buying for the best results.

$BAT is used in the Brave browser as the native cryptocurrency. Users receive $BAT for seeing adverts, while advertisers pay publishers tokens to make their ads available to users. Machine learning technology is utilized in the Brave browser to track attention (personal data is always stored on devices and is never used for personal benefit), and advertisers see good returns as a result of the greater accuracy.

$BAT saw a massive surge in popularity during its initial phase with 30 million downloads of Brave across all platforms, including Android, iOS, and desktop. This is an increase of 50% from March, when there were 20 million Android downloads, and a 100% increase from January when there were 15M Android downloads and a total of 5.5M monthly active users.

With an estimated 7 million monthly active users for their Brave Browser, $BAT is the cryptocurrency with the most real-world traction. $BAT was founded by the same person who created Javascript and Firefox. 

Users of Brave can make money just by viewing the advertisements of 300,000 publishers, including Wikipedia, Hamster, Vimeo, TheGuardian, Vice, and The Washington Post, as well as 200,000 publishers on Youtube, including more than 100 with more than one million subscribers.

The most notable aspect is that users can make up to $320 each year by viewing adverts and earning $70 by simply surfing.

$BAT had 2 million Android-only downloads in August. These are completely insane numbers and the Brave browser has exceeded UC Browser in terms of use and store ranking.

However, Brave needs to implement a periodic token burn schedule that should encourage long-term holders of the token and will help in reducing the supply. It also needs to launch a YouTube rival with video advertising options. 

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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