- BAT is a digital advertising platform created by the co-founder of Mozilla Firefox and Javascript.
- On 31 May 2017, Basic Attention Token came up with the Initial Coin Offering (ICO) to the general public. It raised $35 Million at that time in just 30 seconds.
- Let’s analyze the coin through technical analysis and withdraw some information about it.
Use of Basic Attention Token
- Users will get paid for any ads they watch within a BAT network.
- Advertisers purchase the digital space and users’ attention to the BAT platform.
- Publishers receive advertising revenue and users will get rewards in the form of BAT tokens.
BAT initially was performing very well. In 2021, it started its downward journey because of a crash in the cryptocurrency market.
According to forecasts, Bat is bearish and it is predicted to increase to $0.174735 price level in today’s session.
Many cryptocurrencies have registered some recovery in the market. It made some recovery but not at a good pace.
Technical Analysis of BAT
The coin from the beginning of 2023 is falling. It made multiple support points on the support level.
The image indicates that the coin made a strong support level. The coin was able to break that level but after breaking it again bounced back. It came above the support level.
According to Coincodex, the F&I Index (Fear & Greed Index) is showing 47 (Neutral). The price volatility over the last 30 days was around 2.21%.
Is It Profitable to Buy the BAT Token?
According to current forecasts, the BAT coin is bearish. It means the token is not profitable to buy in 2023.
Investors should consider both technical analysis and fundamental analysis before buying any crypto asset.
There is a slight bearish momentum in the cryptocurrency market. However, the long-term market sentiments are bullish and the Basic Attention token could hit $0.200777 in 2024.
Will the BAT Coin Go Up Again?
According to Coincodex, the prices might decrease by (0.55%) in the next month and might reach $0.175694 by 20 October 2023.
In the next 6 months, the coin might lose (18.24%) and reach $0.142861 by 18 March 2024.
The pattern in the rectangle represents “Three Black Crows”. It indicates that the price may start to move up in the upcoming days.
The price might drop by (4.34%) and reach $0.167146 by 25 September 2023. It recorded 17/30 green days in the last 30 days.
Price Prediction for the BAT Coin (2024-2030)
| Year | Low | High |
| 2024 | $ 0.139793 | $ 0.248672 |
| 2025 | $ 0.166630 | $ 0.666485 |
| 2025 | $ 0.203812 | $ 0.706260 |
| 2027 | $ 0.160128 | $ 0.224510 |
| 2028 | $ 0.092336 | $ 0.326378 |
| 2029 | $ 0.147161 | $ 1.239074 |
| 2030 | $ 0.228383 | $ 1.325959 |
Live chart of BAT
Conclusion
Through the technical analysis, we can conclude that the coin is not performing well in the monthly, weekly, and daily time frames. In the daily time frame, it is in a sideways position. In the monthly time frame, according to Candlestick, it may move lower in the future. The market sentiments are bullish but bulls are trying to step into the market. Crypto investors should have proper knowledge about the cryptocurrency market.
Technical Levels
Resistance Level- $123.70
Support Level- $80.89
Disclaimer
The analysis is done for providing information through technical analysis and no investment suggestions are given in the article to be made by investors. The coins are unpredictable so investors should have proper knowledge.Cryptocurrencies are highly volatile and risky. Investment should be made with proper technical analysis.