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Basic Attention Token (BAT) Technical Analysis – BAT Nears A Golden Cross

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Basic Attention Token

Basic Attention Token (BAT) is an open-source, decentralized digital advertising platform based on Ethereum (ETH). BAT held its ICO nearly a year ago on May 31, 2017, raising approximately $35M in less than 30 seconds, quite a feat. The Token itself is designed to correctly value and price user attention within the platform.

The Basic Attention Token digital advertising platform is comprised of various components, including a digital advertising exchange, attention measurement systems, analytics dashboards and machine learning algorithms. Integration of BAT into a given host application involves implementing BAT Ads, a system that matches and displays ads to users based on locally stored data. Ad targeting is performed wholly on-device, removing the need for third-party tracking.

The BAT Utility Token is designed to monetize human attention with a pay to surf business model, serving as the unit of account within the platform:

  • Advertisers purchase advertising space and user attention on the platform with BAT tokens.
  • Publishers receive user contributions and advertising revenue in the form of BAT tokens.
  • Users will be paid in BAT for viewing BAT ads.

Elements of the Basic Attention Token platform have been integrated into the Brave web browser as part of its Brave Payments program. Brave Payments, which formerly used Bitcoin (BTC), allows users to tip websites and content creators such as YouTubers and Twitch streamers with BAT tokens, akin to patronage services like Patreon.

Notable publishers who accept BAT tokens include the Washington Post; The Guardian; Vimeo; MarketWatch; Barron’s and Vice. Quite the distinguished clientele.

With that behind us, let’s take a look at the technical picture as BAT continues to display favorable technical characteristics as we can observe from the daily chart below:

As we can witness above, after breaking-out in mid-April on six-times – 6X its average daily volume, BAT continues to display favorable technical characteristics trading above both its 50 (dark blue line) and 200 (red line) day moving averages.

We can also observe that the 50DMA appears ready to cross up-and-above its 200DMA, which should such development materialize in the days ahead, would signify the notable Golden Cross, another technical positive for BAT.

While BAT remains in a favorable technical posture, there remains further work ahead as BAT presently finds itself contending with a former congestion zone highlighted in the shaded box observed above.

Thus, moving forward, both investors/traders may want to pay particular attention to potential levels of short-term resistance as well as support in order to garner additional clues/evidence with respect to direction.

If, at any time in the days/weeks ahead, BAT can clear the .45-.50 zone and perhaps, more importantly, the .55 (recent high) level, such development, should it materialize, would more than like set the stage for its next meaningful advance with a potential objective into the .70 area. On the flip-side of the coin, both investors/traders may want to utilize the .32 level as a potential area of short-term support, which just so happens to coincide with its 50 and 200DMA’s.

Nevertheless, despite overall slippery conditions throughout the cryptocurrency tape, BAT continues to stand-out from a technical perspective, whereby investors/traders may want to continue to monitor the action with a close eye moving forward.

Happy Trading!!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Chart courtesy of tradingview.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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