The Basic attention token was the brainchild of Brenden Eich, the co-founder of Mozilla and Firefox, with the intent of revolutionizing the digital advertising industry. Basic Attention Token traces its origin to June 2017, when it was offered in the Initial Coin Offering. BAT is still recognized as one of the fastest-selling Initial Coin Offerings of all time to date as it raised over a whopping $35 million within the first 30 seconds.
Basic Attention Token is built on the Ethereum blockchain. It is supported by the network of Ethereum miners, which ensures the validity of BAT transactions. One of the prime highlights of BAT is its incorporation into the Brave Browser ecosystem as the native token.
Basic Attention Token has become the new currency of running digital advertisements. It can even be used to reward new users who are also not part of the BAT network. Hence, it has become a matter of concern for advertising companies operating in the digital age. Basic Attention Token is currently eyeing over the massive $330 billion digital advertising industry.
Basic Attention Token (BAT) Technical Analysis
The simple price action movement of BAT token makes it easier to identify the opportunity to make long or short positions. Currently, the BAT price has been falling since the $0.82 level. For the past week, this token is trying hard to move up from its immediate support levels but hasn’t been able to make a breakout.
The support or consolidation range is closely backed by the 200 Simple Moving Average of $0.65. 200 Day MA is one of the most critical indicators of the fundamental health of the stock over a one-year time frame. Traders can use the 200 SMA line as a tool to create short and long-term price projections.
If the price dips below the 200 SMA, it will be considered as a bearish trend. It can initiate fresh selling pressure on this cryptocurrency. The condition in the long term is more towards the negative end. For any long positions, we advise waiting for the token to reach the psychological price level of $1. Either buy near 200 DMA or above $1 to the stress of sideways movement.
Basic Attention Token can be seen consolidating in the price range of $0.70 to $0.90. This consolidation is more towards the negative side as BAT has shown a breakout spelling pattern this week. We are using the RSI or Relative Strength Index indicator to find the clear price trend. RSI helps identify if an asset is overbought or oversold.
RSI value above 70 is considered an overbought asset, indicating an imminent selling situation in the asset. While the RSI below 30 indicates the asset to be an oversold zone, predicting a possible scope of price recovery. This indicator is highly accurate when combined with price action and support resistance lines.
BAT cryptocurrency is showing a bounce back from oversold zones indicating an upward slope and buying spree in the short term. It is a good entry point for intraday trades and long positions. This currency has a lot of potential in transforming the digital advertising domain, adding more transparency and credibility in the industry.