Basic Attention Token is one of the most interesting token of the recent phase, the engagement of them users is so good that they managed to reach over 12 million monthly users and more than 4 millions daily users in a short time, the secret is giving to the end user what they want, a faster browser and a share part of what Brave gain from advertisement.
As more and more people start to gain BAT by using Brave browser is interesting to take a look at the chart, where we are going from now on and what we can learn from the past valuation of this cryptocurrency, lets start with the long term chart for a broader view.
Long Term Chart
In the last 6 month BAT valuation suffered the same fate that every crypto did since mid February till mid March passing from a maximum of 0.32 Dollar till a bottom of 0.08 Dollar, this represent a -75%, the steep movement was very painful for the holders as they was in a very cool uptrend immediately before this drawdown.
The uptrend BAT draw before the downtrend started at 0.15 Dollar and from that bottom arrived briefly at 0.32 Dollar, we can see that when the valuation hit and breakout the trendline bears was strong enough to push down even more vehemently BAT price.
The December February period was able to give us a lot of support and resistance to use at this moment, right now we are in a very solid uptrend that started at the bottom of last downtrend at 0.08 Dollar, for draw our new trend we take the lowest closure BAT sign at 0.093 Dollar.
The trend we se now is touched many times and give us confidence that can keep going on, anyway we may take a look at the support if the valuation would break the trendline and start to push south, the first set of supports are at 0.197 and 0.18 Dollar, if we loose these levels we may expect to slip down till 0.16 and 0.15 Dollar that is our second set of supports we can visit, a breakout of 15 cents would drive us at the 0.12 Dollar…. in my opinion this price would be a very strong barrier for the continuation of a possible distribution phase.
The bears could not have the strength to drive BAT valuation so low but we may be prepared for any kind of movement.
Lets take a look where we can go if the actual accumulation phase keep going forward, the very close level at 0.21 Dollar is the first resistance, 0,233 would be a cool level where we yet see heavy battle between bulls and bears in January and in march, this will be the real test of the cryptocurrency…. 0.28 is our next target.
Right now 0.28 seems a far target but from 23 cents to 28 cents we may have a highway to run.
Short term chart
If we take a look at the last month valuation the trend look like a trading range, this sideway movement was broken with a spike up that found a psychological resistance at around 0,25 Dollar, the valuation these days are at the top of this range, than we can hope in a breakout but we may not be surprised if the bears will be able to push down BAT price.
Our first support could be touched at 0.197 Dollar, lets take a look at the chart, the two circle inside the trading rage look like two valid support as the level was interested at the start of the period we examine (look at the purple arrow).
As we can see BAT chart is full of strategic signals, we must pay attention also to the external “noise” that are the macro economic news that can affect BAT or the crypto sphere in general.
That’s all for now, we will talk about BAT again when there will be more evolutions, so far I hope you enjoy the reading and as always do your own research before investing.
Thank you for reading