Basic Attention Token was the brainchild to dominate the advertising industry by using its browser ecosystem and reward mechanisms. At the same time, advertisers capitalized on Brave browser’s ability to market the advertisements to specific groups of viewers, which multiplied the returns of advertisers in the long run.
Viewers were free to enjoy privacy-focused browsing with lesser repetitive advertisements and even got rewards for viewing ads. 70% of the entire revenue generated was distributed amongst the users. Despite the brave browser surpassing the 50 million active user milestone, the outlook for its cryptocurrency hasn’t shown any sign of a strong comeback.
The BAT token is facing subsequent rejections after each attempt to make a fresh high. The outlook for BAT is emerging towards the negative axis, with prices facing difficulty in holding supremacy. BAT has lost significant value in the last two weeks, confirming the overall negative stance dominating the markets.
The price action of BAT followed the negative trend established in the crypto markets since the emergence of the FTX issue in November’s first week. The decline from $0.34 to $0.21 indicates the developing trend in the BAT token, which was already suffering from a lack of buying streaks.
The resulting impact on technical indicators or RSI shows a dip to oversold zones, while the MACD indicator is showing signs of a recovery attempt with a bullish crossover hovering around the corners. The 200 EMA curve of the BAT token has become a trademark for sellers to take control of the market momentum.
The last time BAT traded above this moving average level was in April 2022, and it has been months since a positive rallying movement was witnessed on the BAT token.
The price momentum for Basic Attention Token on weekly charts confirms the lack of interest from buyers by addressing multiple technical indicators. RSI has dipped to overbought zones on weekly price action, MACD is failing to positively impact the price action, while prices are falling back to the pre-breakout level of 2021. The resistance levels of $0.5, $1, and $1.65 will make the path to an uptrend even more challenging in the coming days.