Basic Attention Token Price Up By 23.76% – Time to Buy BAT Coin?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Basic Asset Token, the advertisement-centred crypto, has been on a tear in the last 24 hours. With major adoptions in the bag, investors are rushing to buy BAT.
With the crypto market set to see a paradigm shift in fortunes, BAT’s recent rally may be the beginning of a sustained bullish run to a new ATH.
We will examine the digital asset’s technical and fundamental performances so far and see if now is a great time to buy BAT.
BAT: Showing Strong Bullish Backing
Basic Attention Token is a browser-focused token that seeks to ensure privacy while surfing the internet. BAT, with the ethos of Web 3.0 wrapping around user privacy, has become a beacon of a more decentralised future where every user decides what they do with their information.
BAT has been one of the promising tokens in a market hard hit by bearish waves. The crypto asset is up 23.76% in the last 24 hours and is trading at $1.3160. The weekly gains of the coin are also impressive as the digital asset surged 36.93%, with a monthly increase of 87.72%.
BAT has climbed 570.29% year-to-date (YTD) and 495.42% in a 12-month trailing performance. These multiple positives have paid off as BAT’s market cap is currently up 23.76% and is pegged at roughly $2 billion.
The asset’s 24-hour trading volume is also through the roof at over $967 million, reflecting a 316.22% increase in the past day.
However, the privacy-centred token is only just getting started, as previous rallies have shown. The coin token hit an all-time high (ATH) of $1.63 in the April crypto boom.
This rise sees BAT currently trading below its ATH by 18.6%. But this gives a strong indication that BAT is gaining major steam, and this might be an ideal time to buy BAT.
This growing adoption by the protocol is largely due to its 4-year earnings streak. BAT has risen 1,735.10% from an all-time low (ATL) of $0.072394 of July 2017. This increase reflects the serious bullish backing of the project.
BAT Technical And Fundamental Analysis
It has not been a smooth ride for the BAT token, as with most crypto assets. During the crypto winter months, the coin struggled at the $1 resistance line, heralded by severe regulatory action from China and Elon Musk’s criticism of cryptocurrencies.
However, if today’s rally is anything to go by, BAT may be turning a bullish corner now. The digital asset is soaring above the 20-day moving average (MA) support price of $1.1203, depicting a strong bullish backing.
BAT’s 200-day MA price shows a more positive future outlook for the protocol, despite only picking steam. The digital asset soars above the indicator price of $0.7666, meaning that this might be an ideal time to buy BAT.
The 14-day relative strength index (RSI) points to the growing market confidence surrounding the project. On the other hand, the RSI figure is trading dangerously close to the overbought region with a current figure of 67.95.
As per the moving average convergence and divergence (MACD), the indicator is currently flipping into a buy signal.
BAT’s recent good fortunes lie in a few strategic fundamental steps. The browser-based token recently introduced cryptocurrencies into its web browser called Brave Wallet. The new project would allow users to store, manage, send, and receive cryptocurrencies from a single wallet.
The digital wallet’s appeal was even more apparent after the BAT protocol integrated with the Solana blockchain.