The Basic Attention Token price has had an excellent performance this week. BAT price is trading at $1.1480, which is about 80% above where it started the month. This rally has pushed its total market cap to more than $1.75 billion.
What is the BAT Token?
Basic Attention Token is the native token for Brave. For starters, Brave is a relatively popular and fast-growing browser that shares its revenue with its users. The concept is relatively easy to grasp.
Users download the Brave browser in their computers and smartphones. They then opt to receive adverts from the company. These adverts are sent as a notification or are found in the background. Users then share part of the revenue that these ads generate. Alternatively, they can opt to auto-contribute to publishers who have signed into Brave.
Brave has also been expanding its ecosystem. They have built a privacy-focused search engine and introduced tools to enable video calling and chatting. It also has a cryptocurrency wallet.
Brave now has more than 42.1 monthly active users and about 14 million daily uses. It has more than 7.8 million wallets and more than 3.5 million on-chain transactions. It has also attracted some big advertisers like eToro, Purple, Nexo, and PayPal. So, what is the future of the Basic Attention Token price?
Basic Attention Token price analysis
The daily chart shows that the BAT price formed a cup and handle pattern in the past two months. This pattern is usually a sign of bullish continuation. The coin then jumped by more than 56% from the upper part of the cup. The coin remains above this level. Notably, it has formed a break and retest pattern and moved above the 25-day moving average.
Therefore, there is a possibility that this price will keep rising as bulls target the monthly high of about $1.5445. This view will be invalidated if the price falls below $0.90.
