An altcoin used for a privacy-focused internet browser could receive a shot in the arm from a recent bullish signal, according to crypto insights firm Santiment. Santiment says that Basic Attention Token (BAT), which is used as a rewards-based cryptocurrency for the Brave Browser, could rally on the back of recent social media buzz. Santiment […]
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Nine figures worth of Solana (SOL) are on the move following a massive crypto whale transfer between two unknown wallets as the Ethereum (ETH) rival secures a partnership with software giant Brave. First reported by blockchain tracking service Whale Alert, an unknown whale on the Solana blockchain transferred 7,981,517 SOL tokens worth $184,488,088 at the […]
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A widely followed crypto analyst is laying down a timeline for the end of the Bitcoin (BTC) bear market woes. Pseudonymous analyst Rekt Capital updates their 329,600 followers on the current BTC bear market timeline relative to last year’s bull market. “It’s been ~400 days since the BTC Bull Market peak at $69,000 Which means that this […]
The post Crypto Analyst Says Bitcoin Bear Market ‘Closer and Closer’ To End, Breaks Down Cardano and Two Other Altcoins appeared first on The Daily Hodl.
As the overall markets grapple with geopolitical instability, crypto whales are scooping up one altcoin in massive amounts. Cryptocurrency analytics firm Santiment is tracking the buying and selling behavior of the biggest crypto wallets following Russia’s incursion into neighboring Ukraine two nights ago. Santiment reports whale activity has increased five-fold compared to normal. “Cryptocurrency whales […]
The post Massive Ethereum Holder Targets Dogecoin Competitor Shiba Inu, Adding 49,998,916,299 SHIB As Crypto Markets Rebound appeared first on The Daily Hodl.
Santiment says the Ethereum-based altcoin Basic Attention Token (BAT) may struggle to keep its momentum after the asset soared 37% to a new all-time high on Sunday. In a new report, the blockchain analytics firm says that BAT has already shed about 20% of its market capitalization and that the token’s daily active addresses plunged […]
The post Analytics Firm Santiment Looks at What’s Next for Basic Attention Token After Altcoin’s Big Breakout appeared first on The Daily Hodl.
The altcoin powering a privacy-focused web browser is skyrocketing after the announcement of an extension-free crypto wallet. Anti-ad web browser Brave, powered by the Basic Attention Token (BAT), recently announced the release of Brave Wallet, sparking a 37% rally for the browser’s utility token, sending the crypto asset from a 24-hour low of $1.32 to […]
The post Privacy-Focused Web Browsing Altcoin Rises 37% After Launch of New Crypto Wallet appeared first on The Daily Hodl.
However, BAT saw profit-taking sentiment at its new price top, suggesting more downside is possible.
Basic Attention Token (BAT) rallied to a new record high on Nov. 26 even as global markets plunged in tandem on fears about a highly mutated variant of Covid19 detected in South Africa.
BAT's price surged over 30% on Friday to reach $1.88 for the first time in history, with its market capitalization rising to $2.74 billion. Its climb appeared in contrast to the cryptocurrency market that lost up to nearly $283 billion in the same period.
Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, led the losses by falling by as much as 7.5% to under $54,000. Ether (ETH), the second-largest crypto, dropped over 9% to almost $4,000. Solana (SOL), Cardano (ADA), XRP, Binance Coin (BNB), and other tokens plunged in sync.
Crypto traders flocked to BAT — possibly — because of its comparative lower positive correlation with the top digital assets. According to data tracker CryptoWatch, the 30-day correlation coefficient between Basic Attention Token and Bitcoin was 0.24, and the same versus Ether was 0.27.
That somewhat explains why BAT was able to ignore the market-wide downtrend Friday.
BAT's price rally to its record high prompted traders to secure their interim profits immediately. As a result, the token corrected by more than 20% after hitting $1.88, thus returning below its strong resistance area around $1.50.
In detail, the $1.50-level served as resistance to two technical setups developing on BAT charts since April. First, the level constituted what now appears to be a bullish Cup and Handle pattern. And second, it assisted in forming a broad Ascending Channel setup, as shown in the chart below.
At press time, BAT was in the first part of the Cup and Handle pattern, making a rounding bowl bottom called the cup. The second part, should it appear, will be a price correction inside a descending channel range, called handle.
A decisive breakout from the handle's trading range and $1.50-resistance may have traders eye a run-up higher to a level at length equal to the maximum Cup and Handle pattern's height. That roughly puts the BAT price en route to $2.75 in the coming sessions.
Related: Crypto Thanksgiving: NFT drops and Black Friday deals go mainstream?
Meanwhile, the profit target for the BAT's ascending triangle pattern — confirmed by more than two higher lows and a flat upper trendline — comes to be over $2.90 after measuring the structure's maximum height from its potential breakout point near $1.50.
Conversely, a break below the Triangle's lower trendline would risk invalidating the bullish setup, including the Cup and Handle. Should it happen, the next resistance level appears near $0.56 for a final bearish confirmation.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
While bitcoin has been consolidating for a few days now, a number of other digital assets have seen solid seven-day gains. The two metaverse tokens sandbox and decentraland have skyrocketed over 170% during the last week. Crypto assets like loopring, crypto.com coin, and arweave have spiked in value more than 66% and up to 169% […]
A preconfigured Binance Smart Chain wallet will soon be added to the Brave browser.
The privacy-centric web browser Brave will soon integrate a dedicated Binance Smart Chain wallet, according to a recent announcement, opening up the browser’s users to BSC’s ecosystem of DeFi products.
Although Brave can already be configured to jump onto Binance Smart Chain manually, the addition of a preconfigured wallet is expected to simplify the process, requiring no special apps, wallets or additional tinkering.
In the meantime, the token at the center of the Brave browser, Basic Attention Token (BAT), has been made compatible with BSC in the form of Wrapped BAT (WBAT). Wrapping is the process by which tokens from one blockchain ecosystem can be represented on a completely different one. The most common example may be Wrapped Bitcoin (WBTC) on Ethereum, where the former is made technologically compatible with the expanded processes of the latter.
“Our hope is that BAT and Brave will take crypto mainstream and to make DeFi user-friendly for the mass market,” said the CEO and co-founder of Brave, Brendan Eich.
Brave reportedly has over 25 million active monthly users, and over 7 million daily active users. The browser emerged as an alternative to mainstream browsers by offering increased privacy, less tracking, and the ability to opt-in to the advertisements of a user’s choosing.
Binance Smart Chain ecosystem coordinator Xiaoguang Zhang echoed Brendan Eich’s sentiments that the integration of Binance Smart Chain into Brave would further inspire DeFi and crypto adoption.
“With this strategic integration between the Brave browser and Binance Smart Chain, we will introduce seamless UX together for crypto users to access DeFi and Dapps in BSC and other blockchains, which will dramatically inspire mass adoption and inclusive finance,” said Zhang.
Like many altcoins, the value of Basic Attention Token surged to a new all-time high in 2021. Between January and March alone, BAT gained 515% against the U.S dollar, climbing from around $0.20 to $1.27 by time of publication.
