NAME OF PROJECT
BASIC ATTENTION TOKEN (BAT)
The BASIC ATTENTION TOKEN which was founded by Brendan Eich and Brian Bondy, is a token created to reward users for their time and attention advertising platform and at the same time provide advertisers with a good return on their adverts expenses. This experience is made possible through the brave browser.
The BAT itself is the reward that is being distributed among users, advertisers, and publishers. This is done in a way that the advertisers pay their advert fees in Bat tokens with 70 percent of this token distributed to users while a smaller portion goes to advertisers.
Most of the advertisement reward goes to advertisers and users with Brave taking only a negligible amount.
This makes the platform a bit centralized but currently, a more decentralized platform that will also have a much lower monthly ad spend is being developed.
TOKENOMICS
| MARKET CAP | $1,251,371,958 |
|---|---|
| CIRCULATING SUPPLY | 1.50B BAT |
| MAX SUPPLY | 1,500,000,000 |
| RANK | #78 |
| CURRENT VOLUME | $118,426,019 |
| CURRENT PRICE | $0.8358 |
TECHNICAL ANALYSIS
I started by analysis of BAT|USD pair on a 1hr time frame where I noticed the current price to be at strong support with both the stochastic indicator and RSI being in an oversold region which is an indication of a possible price pullback or bearish-to-bullish price reversal.
- Screenshot
After observing the above, I switched to a 15 mins timeframe in other to further observe the market structure and possibly find a good entry point.
On a 15mins timeframe, I observed that the price is also at strong support with the already reversed Stochastic indicator forming lower high which is an indication of a bullish movement.
Also, the RSI indicator was still found to be at an oversold region which also indicates a possible bearish-to-bullish price reversal.
The above observations gave me enough confluence which made me initiate a buy order.
- Screenshot
- EXIT
I took my exit positions by setting my stop-loss just below the current support with my take-profit set at the closest resistance.
Risk:Reward =1:1
- Result
CONCLUSION
So far, I remain grateful to the SteemitCryptoAcademy for all the priceless knowledge that the community has given me as regards trading.
Having this opportunity to truly practice my trading skills is another thing I am grateful for.
I look forward to learning more and improving more on my trading ability and also becoming a swing trader by the time I acquire enough trading capital.
Thanks Professor @pelon53