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Basic Attention Token (BAT) was fighting to hold on to key support levels as bulls and bears fought for control on Monday. The BAT price has been on a recovery since the beginning of the year, rising 7%, over the past few days as buyers sought to undo Thursday’s losses. This followed an announcement that Brave, a San Francisco-based software company, had purchased 1.018 million BAT last week “in order to distribute them to Brave Rewards users.”
Brave purchased 1.018 million Basic Attention Tokens this week!
The company routinely makes bulk purchases of $BAT in order to distribute them to Brave Rewards users. Learn more about Rewards here: https://t.co/4jhnOCJWQv pic.twitter.com/ZHSHKbc3Hi
— Basic Attention Token (BAT) (@AttentionToken) February 10, 2023
The Brave Rewards Program allows users to earn BAT tokens just for using the Brave browser. The users can use the tokens they earn for almost anything: Cash gift cards, crypto, get tips to the website and more.
Such a big purchase increases the value of the token, which in turn, increases investor interest in the altcoin.
Basic Attention Token Uptrend Still Intact
The BAT price is exchanging hands at $0.2812, up 5% over the past 24 hours. Its 24-hour trading volume is $92.7 million, up 371% on the day. This shows increasing investor interest in the token.
The appearance of a doji candlestick at the end of the daily chart shows the ongoing fierce fight between the buyers who are determined to sustain the recovery and the sellers seeking to book profits following the recent uptrend.
However, the technical setup favors the upside. First, the Basic Attention Token is still trading above the January ascending trendline. As long as BAT continues to close above this dynamic support line, its uptrend will remain unshaken.
In addition, the price enjoyed robust support on the downside as it traded above the major moving averages. Also, note that the moving averages had just sent a bullish signal in the same timeframe. Though not a “golden cross”, when the 50-day Simple Moving Average (SMA) (yellow line) crosses above the 100-day SMA (red), it signals strength amongst buyers.
BAT/USD Daily Chart
BAT/USD
As such, a daily candlestick close above the 200-day SMA at $0.28 would bolster the bulls to push the price higher with the first barrier emerging from the $0.3143 resistance level. This is a major roadblock that the buyers are required to overcome in order to secure the uptrend.
If the aforementioned level is flipped to support, it would open the path for BAT to climb to $0.361. This would represent a 29% uptick from the current price. The upward-facing Relative Strength Index (RSI) at 57 and the position of the Moving Average Convergence Divergence (MACD) indicator above the neutral line in the positive region added credence to BAT’s positive outlook.
If the bears win the ongoing battle, the Basic Attention Token price may turn down from the current levels, dropping below the 200-day SMA to seek solace from the ascending trendline at $0.2684. A daily candlestick below this seller would trigger massive sell orders, followed by a sell-off that could see BAT drop first toward the $0.22 level where the 50-day and 100-day SMAs converged or lower to revisit the $0.1595 swing low.
Alternatives To BAT
Those seeking to buy the Basic Attention Token must wait for a decisive close above the $0.3143 resistance level. While waiting for this to happen, investors may consider other promising tokens in presale with a lower risk-to-reward ratio.
One such crypto is Meta Masters Guild (MEMAG), which is in one of the most popular crypto presales of the year. The team behind MEMAG has raised well over $4.2 million as it enters the final stage of its presale, about to conclude the fundraising round in less than five days.
The presale for $MEMAG tokens is selling fast!🎉
The $MEMAG token will serve as the currency within the exciting Meta Masters Guild gaming universe.🚀
Don't miss your chance to get in on the action before the tokens sell out!🎮
➡️Secure your $MEMAG at https://t.co/HzrnZe7NYC! pic.twitter.com/UUSId0f96m
— Meta Masters Guild Games (MEMAGX) (@MEMAGgames) February 12, 2023
Visit Meta Masters Guild here to find out how to participate in the presale.
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