In this new crypto nugget of the day, let’s Basic Attention Tokenthe native asset of brave browser which claims to be 100% crypto. Paying the users of its browser in BAT, is this a solid project that could be a real competition against giants like Google or Firefox in the long run? Today we are going to look at the structure of the price to determine the most plausible scenarios.
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A Soon Bullish Weekly Trend?
Having evolved under resistance from April 2019 to February 2021, BAT exploded upwards. Using the same resistance to make it a support, the BAT registered a all time high at $1.92. However, it quickly re-entered the resistance (upper red zone) to initiate a weekly downtrend. After failing to regain the 1 dollar zone in February and April 2022, the trend continued with a loss of the famous pivot zone shown in blue.
Now the goal is clear. to attend youn trend reversal on the BATthe last must resumes its turning zone under which it has been developing for several weeks. Until he succeeds, it will be difficult to pin down a bullish outlook for the coming weeks. Conversely, if the BAT is rejected at this level and registers a trough below $0.258r, it will be the sign of a continuity of the downward trend.
BAT is in a still uncertain daily trend
In this graph you can see the difficulty, for the BAT, to resume the turning zone. For several weeks it has been evolving under the $0.436. After scoring a low on $0.258the BAT broke its bearish pattern with a top above it $0.365. After that, it continued to register lows and rising highs. It even registered a high of over $0.436. However, having just recorded a trough that was lower than the previous one, the daily trend is enough brittle. The target for BAT is to make a new high above $0.459.
If the asset manages to break out of the pivot zone as I depicted it, we can see a bullish leg of the BAT. In this way, different technical levels can work against each other. These are the following:
Conversely, if the price registers both a high below the previous one and a new low below USD 0.347, it will be necessary to favor a bearish scenario. In this context, it will be necessary to keep an eye on the previous low at USD 0.291 and the low at USD 0.258.
BAT underperforms against bitcoin?
To complete the analysis, we can see that the BAT is in difficulties as it is currently in daily downward trend. It broke its previous low 1995 satoshis, which provided further bearish momentum. Losing support for the moment 1830 satoshis, as of late June, this confirms the asset’s weakness against bitcoin. Of course, we have to wait for the daily close to prevent this from being a false bearish breakout.
In any case, if bitcoin is in trouble, it will in no way be favorable for a bullish scenario, against the dollar, for the BAT. In this context, if bitcoin starts to fall again, the BAT will be one of the first to be affected, as it underperforms the king of cryptocurrencies.
Here we are at the end of this Wednesday crypto nugget. With this BBT analysis, you will now gain insight into the levels to watch on a daily and weekly scale. Check out the current lows and highs to determine the direction the asset will take in the financial markets. Currently struggling to cross the pivot zone, an upward recovery would allow the BAT to reach an important level. However, beware of bitcoin outperforming the brave browser token. A fall into the king of cryptocurrencies could do a lot of harm to the BAT by pushing it to past lows.
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