Price Analysis: Basic Attention Token, 26 Jul

Price Analysis: Basic Attention Token, 26 Jul

For today we’ve chosen Basic Attention Token, the native cryptocurrency for Brave (the browser), meant to pay the users for seeing ads. They’re the ones that introduced blockchain-based digital advertising, we’re the ones that analyze BAT’s price action for the last month on an hourly timeframe. Firstly, we need to specify some things: blue horizontals are resistances; red horizontals are supports. The thick ones come from a daily timeframe; the thin ones come from 4 hours. Let’s get into it:

▫️ 2335: this is the most important level of support of the current range. Given its pivotal role from the fact that it also acted as resistance (where the red arrows have been placed), this line has to be held by the bulls. By the way, the chart looks right now on multiple timeframes, we’re pretty confident that this is the case and that the buyers are eager to step in as soon as the less-important resistance at 2463 is broken. It’s very important for BAT not to show a daily close under this red line.

▫️ 2667: as soon as the lower resistance (2463) is broken, 2667 is the next level that the bears would want to protect. But we can clearly see that this horizontal has a lot of confluent touches in the past weeks, giving the next one a higher probability of breaking it. An even more bullish sign would be a consolidation below it, like the one highlighted with a yellow ellipse.

▫️ If both bullish scenarios discussed above happen, BAT should reach its last line of defense from sellers – the one at 3094. This is the biggest resistance for the chart and for the price to test it would mean an appreciation of 25 percent from the current price.

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