Today, I'd love to talk about one of the hottest coins in the cryptosphere: BAT. Basic Attention Token aims to solve one of the most relevant problems in technology today. That problem is the lack of an effective, efficient payments solution for transactions between advertisers, publishers, content creators, and platforms. BAT transactions take place on the Ethereum blockchain and the BAT token is:
- Open Source
BAT's analysis of the problem that we have is comprehensive, and includes problems like inefficiency, lack of trust, and too centralized to work for everyone. Their solution is elegant and a very practical application of the blockchain. They have already released a great product, the Brave browser. I've used the Brave browser myself and although it's clear that it won't be the final version of the browser, it really is a fun product to use. I love logging in each day and seeing how much time the Brave browser has saved me by blocking all ads. It's a much-needed new approach to advertising and the internet browsing experience as we all know it. Since the internet is such an integral part of every day life, this truly is a product that has the potential to impact millions of people right off the bat (no pun intended).
BAT has also been in the rumor mill lately because there is a lot of speculation that it could be added to Coinbase soon, which would be a huge step for the currency and for Brave. Bringing BAT to the masses would increase the likelihood of mass adoption of their browser. BAT is a pretty natural next step for Coinbase, which just added ZRX to their available currencies. BAT is a coin that can be used by any regular user so it's a great candidate for the listing. Though nearly everyone is speculating on this, you should be careful when trying to trade currencies based on rumors like this. XRP investors have been on the Coinbase hype train for years, and look where that has gotten them.
Now, I want to take a look at the BAT chart.
Over the past couple days, we've seen significant progress from BAT in terms of price. On the daily timeframe, this appears to be a no-trade zone for me. I like to enter on support or retest of old resistance and we're at neithere. I would consider entering BAT as a trader if we break out above 5500 satoshi or if we retest the lows around 2300. This chart is pretty simple. Of course, if you are charting on different timeframes you may be able to find an entry. I see a topped out Stochastic RSI, so it's not a trade for me at this time.
That being said, BAT's fundamentals are fantastic and I think it could definitely become a staple in our every day lives. It has huge potential when paired with Brave and I hope that they succeed in revolutionizing online search.