The advertising industry is being revolutionized with the introduction of blockchain technology. With blockchain, advertisers can gain unprecedented visibility into ad spending by leveraging its near real-time tracking capabilities. Gone are the days of obscure and often unreliable reports – now a much higher level of transparency is achievable than ever before. This could be a game-changer for brands and organizations who require full insight into their ad spending to make informed decisions. The possibilities that blockchain brings to this multi-billion dollar industry are seemingly endless and will no doubt lead to more efficient processes in the future.
What is Brave Browser?
Working on a similar narrative is Basic Software Inc. with its product, Brave Browser, a free and open-source web browser. Brave Browser provides an innovative way to protect one’s privacy while browsing the web. By blocking online advertisements and website trackers in their default settings, users don’t have to worry about their data being collected as they browse.
What is Basic Attention Token?
Basic Attention Token (BAT) is a cryptocurrency designed to be used as a medium of exchange on the Brave Browser. The browser uses BAT tokens to measure and reward the attention of users, content creators, and advertisers on the platform.
For content creators and advertisers, they can use the token to pay for advertisements or reward their readers for engaging with their content. For users, they can use the token to incentivize their favorite content creators and also earn BAT by viewing ads on the browser. The ultimate goal of both Brave Browser and Basic Attention Token is to create a more efficient and fair system for online advertising that respects the privacy and attention of users.
Apart from having several use cases within the ecosystem of Brave, the BAT token can also be used as means of investment as it is easily accessible for trading on centralized and decentralized exchanges.
Basic Attention Token (BAT) Price Analysis
Basic Attention Token (BAT) didn’t have the best of the year if we look at year-to-date performance. During the start of January, BAT price had a minimal positive momentum at which it formed its peak at around $1.35 for this year. Since then, the BAT token is not able to retest the peak to date. A significant indication of the selling pressure faced by the token throughout the year.
If we focus on QoQ performance, the BAT price had an upsurge during the end of the first quarter of this year bouncing from $0.60 to test the resistance level of $1.00. Unfortunately, the token price level didn’t have a positive breakout above the resistance level and faced a severe downfall since then.
Considering the current price action of Basic Attention Token, it is currently trading at its 52-week low of $0.17. Now, this may be primarily because of the overall market conditions throughout the year in which most of the other cryptocurrencies are trading at their 52-week low as well. But considering the use cases of the Basic Attention Token and the adoption of Brave Browser in the web3 industry, it may present a rational buying opportunity for investors.
Basic Attention Token (BAT) Technical Analysis
Upon analyzing the technical chart of Basic Attention Token (BAT), it could be interpreted that throughout the year, it had support at regular intervals on the Fibonacci retracement table but was unable to sustain it as the magnitude of selling pressure got intensified. Additionally, it could be noted that whenever the BAT token had a positive momentum from its support zone, there was always profit booking meaning that investors of the token are ready to sell it at marginal profits also.
Considering the technical parameters, EMA-20 is currently below both EMA-50 and EMA-100 which reflects the prevailing bearish sentiment for BAT. The RSI level only had a couple of instances in which it actually tested the overbought region. However, the level is currently making a bounceback from the oversold region while residing at 32.33. The MACD level is unable to climb above the histogram since the start of Q4 of this year.
Overall, the technical indicators are showcasing that BAT is still facing bearish sentiment. In order to gain significant positive momentum, the price level needs to break above the resistance level of $0.35 and $0.45 respectively. If the existing sell-off continues, it may find support at $0.15 and $0.10, respectively.
Basic Attention Token (BAT) Price Prediction 2023
Considering the future momentum for Basic Attention Token, based on the technical chart, it could be interpreted that the token is currently in the accumulation zone. Since its launch, BAT coin traded in the same accumulate zone for almost a couple of years from 2019 until the bullish cycle of 2021 commenced. Therefore, the BAT token might again spend some time in the accumulation zone which the crypto price level entered this year in order to accumulate new buyers and start the positive trajectory again. However, a significant weightage should be given to the overall market conditions irrespective of the charts.
The correlation matrix of Basic Attention Attention between BTC and Ethereum shows why overall market condition significantly matters to the price performance. The BAT token is highly correlated to BTC (0.76) and Ethereum (0.86) meaning that the price momentum of these leading cryptocurrencies will clearly impact the performance of BAT.