Altcoin Thursday: BAT

22nd July 2021 | ZebPay Trade-Desk

BAT derives utility from the Brave browser. It has seen better mass adoption among both retailers and publishers, over the past few months, and coupled with the fact that BAT is still relatively undervalued given its utility, acquiring the asset at these levels seems to look like a highly attractive proposition for long term investors. In addition, as the ERC-20, and DeFi space continues to grow, this asset is poised for success.BAT post making a weekly high of $0.60135, corrected almost 24%(up to $0.45582) as the candles made ‘Lower Top Lower Bottom’ formation. Currently, the asset has taken support at $0.425(previous low) and made a ‘Bullish Engulfing pattern’ which is a two-day bullish reversal pattern occurring in a downtrend. Hence to conclude, we may see some recovery in the asset unless the support levels of $0.425 or the low of the pattern($0.45582) are broken on a closing basis.

Support 2Support 1AssetResistance 1Resistance 2$0.425$.45582BAT$0.620$0.725

This concludes on the Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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