- The BAT token’s trading price has advanced by 73% in the previous year.
- Over 99% of Basic Attention Token’s max. supply is in circulation.
Basic Attention Token is an Ethereum-based ERC-20 token that powers Brave, an open-source web browser developed by Brave Software Inc. It aims to transform digital advertising by rewarding user attention and content creators.
Created by Brendan Eich, BAT enhances online privacy and transparency while offering advertisers cost-effective user engagement.
The fully diluted market cap of the Basic Attention Token is $543.5M, and the maximum supply of the token has not been disclosed, as per CoinMarketCap. The BAT cryptocurrency’s market cap has declined by 0.59% in the last 24 hours.
The value for the traded volume of the token is $131.421M and has witnessed an advance of 22.9% over the last 24 hours. The token’s market cap is $540.12M, which is why the token ranks #158 in the global cryptocurrency market.
Moreover, the token’s volume/market cap ratio is 24.36%. The circulating supply of the token is 1.49 billion BAT, and the total supply is 1.5 billion BAT. The all-time high price recorded for the crypto is $1.92, achieved two years ago.
The sentiment of the token, as per Coincodedx, is bullish, while the volatility for the crypto is very high, resulting in 13.7%. Despite this, the supply inflation of the token is relatively low, resulting in -0.46%.
Basic Attention Token Derivatives Analysis
The highest liquidation activity in the derivatives of the BAT token was witnessed on 5th March 2023. The long liquidation for the crypto was recorded to be $414.35K against the short liquidation of $8.58K.
The derivatives trading volume for the crypto has advanced by 31% over the last 24 hours. It has resulted in a traded volume of $49.53 million, followed by an open interest of $20.91 million.
Total Supply Vs Development Activity For BAT
The total supply for the Basic Attention Token has been static for a long time, which indicates static inflation, while the development activity for the token seems to be declining and does not show any significant change.
Despite all this, the trading price of the token is consistently advancing, and investors are attracted by the token.
BAT Crypto Technical Analysis
The BAT token price was consolidating inside a wedge pattern for more than a year and broke out above the pattern in February 2024. The breakout for the crypto witnesses to be strong and reliable.
That’s because the candles formed on the weekly chart are strongly bullish, and the trading price of the crypto is also consistently advancing.
On the weekly chart, a resistance of $0.480 is further ahead. If the price breaks above the following level and sustains above the same, the following behavior can lead the token price to higher levels.
Fast-moving averages, popularly known as exponential-moving averages, trade in a golden cross, indicating bullishness in the token price. The token’s price also trades above the 50-day and the 200-day EMAs.
The Average Directional Index indicator is trading at the 37.43 level, which indicates that the crypto’s trend is solid and reliable. It hints at a further advance in the token price.
On the other hand, the stochastic RSI is trading at the middle of the band, and the ‘K’ and ‘D’ lines on the chart overlap. That behavior indicates uncertainty in the trading price of the token.
Summary
Basic Attention Token (BAT) shows a bullish trend with a 73% price increase over the past year. Nearly all BAT tokens are in circulation, with a trading volume surge of 22.9%.
Despite declining development activity, BAT’s price is advancing, breaking out from a wedge pattern, supported by a strong bullish sentiment and golden cross in moving averages.
Technical Levels:
- Support levels: $0.1590 and $0.2120
- Resistance levels: $0.4800 and $0.9520
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.