One of the most promising tokens of 2021 is eating dust as 2022 begins its last quarter. The outlook of cryptocurrencies has seen a severe decline, and the global market improved from the shocks of the pandemic. Despite the fundamental grounds gained by the cryptocurrencies with promising problem-solving capabilities, a vast majority have retraced back to the levels seen before the breakout of 2021.
BAT has suffered because of the inability of its developers to offer an easy user interface and advanced connectivity tools. While the idea of ad-free content watching and freedom to choose different sorts of advertisements and watching benefits seem fun, the outlook for BAT has ventured into dark territory. Brave browser hasn’t been able to offer cloud computing and connectivity services apart from its privacy-preserving ads, and it is still not classified as 100% fraud-free.
Basic Attention Token has slipped from positioning itself as the top 30 tokens to close to slipping out of the top 100. With the market capitalization for BAT reaching below $426 million, the outlook for this token is mostly in the dark till new developments are introduced in the Brave browser. Advertisements would surely help but using the very method tends to provide users freedom from low developer morale. Maybe the viewers are not yet ready to understand the significance of internet anonymity.
BAT Technical Analysis
The price action of Basic Attention Token on short-term daily charts signifies a strong selling zone developed between $0.45 and $0.5. The inability to breach the minor moving average curves showcases the lack of buying sentiment on grassroots levels. This also highlights the future of promising cryptocurrencies of 2021 is in danger now in 2022.
BAT token has lost its ability to spin out of the negative selling scenario since hitting the peak of $0.5 in August 2022. The market gain is 100% from the lows of June 2022, creating an ambient scenario for the buyers of dip to book profits before the prices begin to tumble down. However, the price received strong support from $0.35 in the short term as buying sentiment increased from these levels.
This effect was short-lived, as the Basic Attention Token price has declined by 40% since hitting $0.5. The next critical support of $0.25 could play a major role in promoting the uptrending potential of BAT. While the MACD indicator has failed to spring out from its lows, the RSI indicator is headed toward oversold levels. During the last couple of months, transaction volumes have taken a fresh decline indicating a shift in this cryptocurrency trading activity.
The price momentum on weekly charts showcases Basic Attention Token entering an even lower level than witnessed during May and June 2022. The lower decline from meagre transaction volume raises eyebrows about the future outlook of this token. The emergence of wicks on each candlestick showcases selling pressure from the peak values. This week the price action entered its new low of touching $0.28, which now stands at a minor difference from its historical lows. Based on lower sales in the last few months, a sudden rise wouldn’t be possible for BAT tokens. Holders should attempt buying the dip as their last strategy only.