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Basic Attention Token (BAT), a native cryptocurrency of a project that aims to use blockchain technology and its blockchain-based browser to revolutionize online advertising, has seen troublesome price performance over the last two months.
Ever since the start of the year, BAT's price has been spiraling down until it found what many believe to be a bottom at $0.7. Whether or not this level will manage to hold the token’s price or not remains to be seen in days to come, although it seems more than likely, given that the bear market does not seem to be letting go.
BAT price performance
BAT started the year with a price of $1.25 per coin. Previously, the token reached its all-time high on November 27th, a few weeks after Bitcoin. At this point, most of the cryptocurrency industry was already seeing a strong price crash, but BAT was still quite high.
After hitting an ATH at $1.76, the token crashed to $1.125 by December 4th, and after several weeks of attempting to surge only for its price to be rejected by the resistance at $1.4, BAT finally ended the year at $1.25, starting the new one with the same price.
On January 2nd, the token saw a bit of a price recovery that took it to the resistance at $1.3. It then spent several days trying to breach the resistance, finally succeeding on January 4th. At that point, $1.3 became a support at which BAT remained for only a bit over 24 hours before the bear market returned.
On January 5th, the bears took the market down again, and BAT immediately broke its support at $1.3, as well as the one at $1.25, $1.20, and $1.15, dropping to $1.118. It attempted to recover after reaching this point, but it did not get far before going back down, this time to $1.09, as the support at $1.1 got broken and turned into a resistance. The token kept dropping after breaking one resistance after another until it eventually even dropped below $1 on January 10th.
Immediately after that, it recovered to $1.10, but the resistance prevented it from going further. In fact, it rejected its price and BAT seemingly stabilized for a day or two at the price of $1.05. But, on January 16th, the coin started dropping again, first to a support at $0.95, and then it crashed all the way down to $0.7.
So far, this level has served as its strongest support in 2022, and the first one that seemingly stopped its crash. Bat reached it late on January 22nd for the first time this year. The token was then stuck between this support and a resistance at $0.75 for a few days, until it surged back up, breaking the resistance at $0.8 on January 25th.
$0.8 then became the new support that was held from January 26 until February 17th. During these three weeks, the token was first trying to breach the resistance at $0.9, finally doing it on February 5th. However, the resistance at $1 did not fall, despite several attempts. In fact, BAT could not even reach it all the way up to it, and by February 11th, it was back below $0.9.
As mentioned, around February 17th, the support at $0.8 got broken again, and BAT's price spiraled down to $0.7 once again, which is where it sits now, at the time of writing.
To learn more about this token visit our Investing in Basic Attention Token guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.