This Basic Attention Token (BAT) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our BAT price analysis and prediction.
The crypto industry was able to end the year 2020 gracefully despite the economic crisis brought by the CoronaVirus. As a result, investors from in and out of the crypto world are now closely monitoring various cryptocurrencies with potential. One of these tokens is the Basic Attention Token (BAT), a token that provides support for the advertising industry.
The BAT network works with BRAVE, an internet browser that blocks ads and trackers. This partnership enables the BAT users to have a fast, free and secure web browser that prevents unknown cyber frauds. Surely, users of the network can browse with confidence without the fear of any cyber malicious acts.
Now that we’ve got some ideas about BAT, do you think BAT will be a profitable cryptocurrency this year? Let us find out together in this CoinQuora Basic Attention Token (BAT) price analysis and price prediction 2021. But before we go there, let us understand first, “what is Basic Attention Token (BAT)?”
Basic Attention Token (BAT) is an ERC20 token that runs on the Ethereum blockchain. It is founded by Brendan Eich, the creator of JavaScript and Co-Founder of Mozilla. The platform aims to support the digital advertising industry and its publishers by eliminating the middleman and unnecessary ads. Hence, content creators and publishers earn more profit and revenue.
The BAT network has a total circulating supply of over 1.2 million BAT and a total supply of 1.5 billion BAT. Therefore, users of the network can massively use these tokens in exchange for BAT and BRAVE’s premium services. For traders, the BAT token trades at crypto exchanges such as Coinbase Pro, Kraken, and Binance, to name some.
Now that we are fully aware of “what is Basic Attention Token (BAT)?”, what are we waiting for? Let us now head to our BAT price analysis and prediction for 2021.
The BAT token is one of the top 100 cryptocurrencies in CoinGecko. It has an increasing market capitalization of over $300 million with an average daily trading volume of over $130 million. Do you think this is enough to make BAT a profitable cryptocurrency? Together let us head to the chart and check it out.
Based on the graph above, BAT displays an impressive performance in maintaining its uptrend position against strong market volatility. It also shows how the crypto slowly recovers from its bearish dip of $0.08 last March 2020.
As a result, the crypto closed the year of 2020 with a decent price of $0.20 with a growth rate of over +166% in the past 9 months, a fair price acceptable by investors.
Upon entering the year of 2021, the crypto greeted the year with a bullish price of $0.21. As shown in the chart above, the bulls run above the Arnaud Legoux Moving Averages (ALMA), a bullish indicator.
Currently, BAT opens the day with a good price of $0.20 that went up to $0.21. In this case, the bulls might be able to rally its price to $0.22 and break its resistance level. If it does, the crypto price can go all the way to $0.26 and break another resistance level. Of course, this is most likely to happen if the market continues to favor the crypto.
However, if the bulls turn against the crypto, BAT might break out from its uptrend position. It could experience a price fall of $0.19 with a decline rate of -14.60% from its current price.
In this case, the bulls must regain its composure and climb back above the ALMA indicator. Otherwise, the bears might even pull down the price of the crypto to $0.18, a level that could cause the FUD among investors.
Meanwhile, the moving average convergence/divergence (MACD) is about to perform a bullish crossover. Granted that, traders can look forward to more bullish days as long as the MACD resides above the signal indicator.
BAT proves to be one of the most active cryptocurrencies in 2020. In fact, the crypto has over 20 million active users based on their website. These active users benefit from the feature provided by the network in solving endemic inefficiencies and privacy violations hobbling the digital ad industry.
Would this be enough for the BAT network to attract more investors in the platform to support its market position? Let us head to the chart below and check it out.
In terms of the Fibonacci retracement indicator, BAT trades above the Fibonacci golden ratio level 0.618, a bullish indicator. Today, BAT trades at a high price of $0.22. It has a growth rate of +12.40% in the past 12 days. If this continues, the price of the crypto could break the Fibonacci level of 0.5 and go over the bullish price of $0.23. If it does, the gates will open for the bulls to rally in reaching the price of $0.26. This is most likely to happen in the first quarter of 2020 if the investors continue to side with BAT.
However, if the price of the crypto opens below the golden ratio, BAT may experience a price decline. Its price could plummet as low as $.20, a critical position near Fibonacci level 0.78.
In this case, the crypto must find a way to recover fast and leave the bear’s territory. Otherwise, the bears might pull down the crypto even further to $0.18, a bears’ deeper territory. In other words, the bears will have the upper advantage against the bulls, a scenario not favored by the investors.
Meanwhile, the relative strength index (RSI) of the crypto points at level 46. This means that the buying and selling position of the crypto is in a neutral position. Therefore, the bulls must take this opportunity to gather as many investors as possible to secure its uptrend position.
In terms of trading opportunities, scalp and day traders can still trade with confidence in the crypto since its RSI is still in a good position.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.