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The crypto market has attempted to make a slight gain during the past 24 hours, contributing to bullish gains for most tokens. One of the tokens showing promise for a break out is Basic Attention Token (BAT/USD).
The BAT token is known for supporting the Brave browser. Brave is believed to become a major competitor to Google because it operates on Web 3. Web 3 is the next era of the internet that has stirred much debate in the crypto community.
BAT attempts a strong bull run
A recovery in Bitcoin has created gains for most of the crypto market that has been losing since the weekend. BAT has traded in the bullish zone during the past 24 hours. Moreover, its weekly dips were not as strong as most of the market, so it is still up 11% weekly.
During the past 24 hours, BAT attempted to rally to $1.19 but failed to break past the $1.20 resistance. Market support also seems to be dwindling, hence the slight dips to its current $1.14.
If the bearish trend continues, the token will push towards the lower support level at $1.10. Moving to dips could create demand for BAT and create a possibility for the token to rally again. However, this depends on the market outlook. A dip is most likely because BAT is yet to exhaust its downtrend towards $0.75 and below.
Dorsey and Musk bash Web 3
The BAT token supports the Brave browser. Web 3 is believed to be the next major evolution of the internet. Developers of Web 3 note that it will be a decentralized form of the internet that will give users control. While Web 3 coins such as BAT have seen much attention, not everyone is buying into the hype.
Jack Dorsey, the former CEO of Twitter, noted that Web 3 will not deliver decentralization, but it is just a concept used by venture capitalists and liquidity providers. Elon Musk, Tesla’s CEO, has also disregarded the concept of Web 3. While their reactions have stirred mixed reactions in the market, it has begged questions of whether the concept of Web 3 will be realized.
The post Basic Attention Token (BAT) attempts a bull run as the rest of the market rallies appeared first on Invezz.
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