The Basic Attention Token price has risen in the past four straight days as investors buy the dips. The BAT price is trading at $0.8570, which is about 30% above the lowest level last weekend. Its total market capitalization has bounced to about $1.2 billion, making it the 78th biggest cryptocurrency in the world.
BAT latest news
Basic Attention Token is the native token for Brave, the biggest decentralized browser in the world. For starters, Brave is a technology company that is disrupting services offered by companies like Google.
The company offers a Chromium browser that pays people for using it. Users can also contribute to their favorite creators using the browser.
In addition to all this, the company has built other tools. It has created a privacy-focused search engine, a custom virtual private network (VPN), cryptocurrency wallet and calling features.
The foundation for the network is the BAT token. This is a cryptocurrency that users are paid with using the ecosystem. They are paid depending on the number of ads that they see. For example, I have used the Brave browser for a while. In this period, I have accumulated 14.5 BATs worth about $12.
Today, Brace has more than 50.2 million monthly active users from around the world. Over 8 million members are already earning BAT through Brave Rewards. In 2022, the developers are focusing on key areas like gaming, NFTs. THEMIS, and more features for a decentralized web.
Basic Attention Token price forecast
The daily chart shows that the Basic Attention Token price has been in a strong bearish trend in the past few months. The coin has dropped by over 57% from its highest level in 2021. A closer look shows that the token has moved below the 25-day and 50-day moving averages. This simply means that the bearish trend is still on. The coin is slightly above the 78.6% Fibonacci retracement level.
Therefore, this rebound seems like a dead cat bounce meaning that the coin will likely resume the bearish trend during the weekend. If this happens, the coin will likely retest the weekend low at $0.6450. This view will be invalidated if it moves above the 61.8% retracement level at $1.02.
