Basic Attention Token [BAT] awaits for the next leg up

Basic Attention Token [BAT] has been gaining significant traction in the price activity even as the broader crypto market remained stuck in a consolidation phase. Several large-cap cryptocurrencies were trading in red.

As observed by the crypto analytic platform, Santiment, the Ethereum-based token surged by more than 58% on Saturday on the price front. This coincided with massive accumulation among the large BAT token holders. As the coins move to cold wallets, the amount of tokens held in exchange wallets are on a decline. This essentially indicated that the market players are bullish on BAT’s future price action. Providing further insights, the on-chain analytic platform noted,

Basic Attention Token jumped +59% Saturday, and one of the foreshadowing signals has been the rise of coins moving into the top 10 largest BAT non-exchange addresses, and away from the top exchange addresses. This key ratio often signals bullishness.

BAT, the token that drives the Brave Software’s decentralized online marketing platform, has been rapidly growing. This can be associated with the successful use cases of the Brave ads and its web browser. The most unique feature of the token along with the Brave browser is the reward distribution system where a user can directly claim their gifts after immediately registering their details to the platform. Basic Attention Token currently ranks at the 76th position in terms of market capitalization with a valuation of $1.59 billion.

Basic Attention Token [BAT] price outlook

BAT has registered weekly gains of more than 53.10%. At press time, it was exchanging at $1.08 following a rise of 30.32% over the past day. The asset recorded a 24-hour trading volume of $3.80 billion. With increasing volume, the daily technicals look fairly optimistic.

The Awesome Oscillator exhibited strong strong bullish momentum. A similar trend was captured by the MACD as well. The indicator continued to climb higher as the week progressed indicating bullish dominance in the BAT market. The Relative Strength Index [RSI] bounced from the overbought zone but continued to hover well above 60-line demonstrating buyers are in command. The above chart depicted that Basic Attention Token has more upside potential as it went on an extended rally despite overall market lull.

On the development side, Brave had recently rolled out Brave Search beta built into its browser. This new offering aimed to bring the first independent privacy search browser alternative to big tech. The platform had revealed that Brave Search will offer free, ad-supported search in the coming days in addition to a paid option without ads and will incorporate its native crypto-asset Basic Attention Token [BAT].