Basic Attention Token Price Prediction 2023: Can BAT Price Reach $0.5

Key Takeaways:

• Basic Attention Token has maintained a steep upswing since the beginning of 2023 and surged by more than 100% to mark highs above $0.32
• The bulls appear to be well in position and hence is believed to rebound finely after withstanding a minor bearish action to rise beyond $0.5 in the short term
• The on-chain metrics appear in the favor of the bulls and hence the upswing may continue despite the bearish interference

Basic Attention Token Price History

• Basic Attention Token was launched in 2017 through an ICO rising nearly $35 million in under a minute with the price around $0.28
• The price after forming a bottom at $0.12 rebounded slightly to close the yearly trade at around $0.35
• Further, in 2018 the price rose high to mark the yearly highs at $0.85 and quickly fell into a deep bearish trend
• The price further continued to hover between $0.4 and $0.11 from 2019 until the end of the year 2020
• The BAT price began the 2021 trade with a huge bullish momentum and soared high to mark the ATH $1.9 and again dropped into a deep bearish well marking the bottoms at around $0.16
• However, the price ignited the 2023 trade with a bullish kickstart and reclaimed the position above $0.3 at the moment and expected to maintain an ascending trend for the rest of the year

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Basic Attention Token Technical Analysis

Source: Tradingview

• The Basic Attention Token has been trading within a symmetrical pennant and approaching the upper resistance of the pattern
• The price is likely to face rejection but may certainly not plunge below $0.29 or $0.285 and continue to hover in and out of resistance levels for the next couple of days
• However, the price may breakout of the consolidation before reaching the peak of the consolidation and rise to test the upper resistance
• Testing and clearing the upper resistance at $0.31 is pretty important as the rise beyond the crucial levels may trigger a notable upswing ahead

Overview of Basic Attention Token On-chain Analysis:

BAT Supply on Exchanges vs Supply on Top Addresses

Source: Santiment

The supply on the exchanges or the top addresses indicate the market sentiments of whether they are bullish on the token or bearish. The supply on exchanges is likely to rise when the traders intend to sell their tokens and hence transfer them back to the exchanges from their wallets. On the other hand, the supply on the top address indicates massive accumulation by the top addresses or whales that may pile up the bullish sentiments. 

Woefully, both metrics have dropped heavily which may indicate that the platform is losing traction. But in reality, the traders are bullish on tokens and hence transfer them to their wallets to hold for a longer time frame. Besides, the drop in the supply on top exchanges indicates the increased activity of the retail traders who may continue to keep the token volatile. 

BAT MVRV Ratio (30D)

Source: Santiment

The MVRV ratio is a comparison between the Market value and the realized value to get the fair value of the token. The fair value of the token is used to determine whether the current price is overvalued or undervalued. If the current value is less than the fair value, then the price is said to be undervalued where-in traders possess the intention of accumulating more at discounted prices.

 However, the MVRV ratio has surged extremely high in the case of BAT which indicates that the token is overvalued. The levels continue to hover around the raised levels indicating that the traders could be willing to sell at any time to extract profits. Therefore, attracting bearish action in the short term. 

Additional Read: Polkadot Price Prediction

BAT Whale Accumulation

Source: Santiment

The whale accumulations are considered one of the important indicators that may determine market sentiments. The whales usually accumulate when the rally approaches the bottom and is about to bounce back, incurring significant gains. This induces bullish momentum within the markets that may keep up the upswing until it reaches the upper targets. A drop in the levels creates a wave of FUD, intensifying the selling pressure.

The whales had been shedding their accumulation as the levels had been dropping for a long time. However, the addresses holding BAT tokens between 10 million to 1 billion have raised their accumulation by 2% to 3%. This may indicate that the token could be due for a significant upswing which may be fast approaching.

Basic Attention Token(BAT) Price Prediction for 2023

After being bearish throughout 2023, the BAT price kick-started the 2023 trade with a bullish note. The price rose by more than 100% to mark levels beyond $0.31, for the first time since November 2022 when the market collapsed due to the FTX exchange. Although the price is facing minor bearish action, the price is believed to rebound finely very soon as the buying pressure has mounted up. 

The price which has just dropped below $0.3 is believed to regain the levels and reach $0.35 by end of February and hover between $0.375 to $0.382 by the end of Q1 2023. During the second half of 2023, the price could intensify its upswing and surge beyond $0.43 initially and reach $0.47 by the end of Q3. By the end of 2023, the price is believed to trade around $0.52 after facing rejection from $0.55.

Basic Attention Token Price(BAT) Prediction for 2024

The Basic Attention token is expected to begin the 2024 trade on a bullish note and stand strong above $0.5. With the bullish momentum piling up, the upswing is expected to prevail for a long time that may even ignite a bull run. The BAT price could rise finely beyond $1 before the end of H1 2023 but before forming a new ATH, it may face a slight pullback. 

However, the price could quickly rebound and resume with a firm upswing in no time and flutter high beyond $1. By the end of Q 2023, the BAT price is believed to soar close to $1.25 aiming to form a new ATH. Therefore, by the end of the year, the price may have surged beyond the current ATH to mark new highs beyond $2.

Basic Attention Token(BAT) PRICE PREDICTION 2025-2030

The bullish momentum is believed to carry forwards in the first few weeks of 2025, forming a new ATH. Woefully, the price may quickly drop off the crucial regions, inviting the bears to take the whole control of the rally. After being under the bearish influence throughout 2025, the price may witness a sigh of relief in 2026. The price may begin with a minor upswing by the end of 2026 which may be followed throughout the year 2027. 

Further, the year 2028 may mark a decent upswing that could raise the price beyond $5 in 2028 which may further ignite a firm upswing throughout the year. Moving ahead, the price may face some turbulence in 2029 that could compel the price to hover within minor regions. However, by the end of 2030, the prices could be hovering close to a 2-digit figure.

Should you invest in Basic Attention Token in 2023? 

Basic Attention tokens have begun the trading journey within a consolidated trend. Meanwhile, the token has responded to positive market sentiments each time and hence could maintain a notable upswing ahead. However, before investing in BAT or BTC or any token, deep research on the project, its team, its future vision, etc should be carried on along with a close observation of the price trends and movements.

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