The crypto token behind the Brave browser, BAT, has seen a surge of 11.40% in price over the past 24 hours of trading. At the time of writing, Basic Attention Token, BAT, is trading at a price of around $0.0233 after seeing a further 28% price increase over the past 7 trading days.
The price surge can largely be attributed to 2 main factors. The first being the release of the latest upgraded Brave browser which has seen some major improvements to speed, privacy and the user interface of the platform.
The second being due to speculation that BAT will be the next coin added to Coinbase after 0x was added earlier this week.
We can see from the chart above that the surge had caused BAT/USD to reach resistance at a short-term 1.272 Fibonacci Extension level priced at $0.24622 before stalling.
If the bullish momentum can continue to push price action above this level, there will be more resistance at the 1.414 and 1.618 Fibonacci Extension levels, priced at $0.2563 and $0.2710 respectively, before BAT is free to move up to tackle $0.30 and higher.
On the other hand, if the bears step into the market and drive price action lower, we can expect immediate support below to be located at the short-term .236 and .382 Fibonacci Retracement levels, priced at $0.2263 and $0.2127 respectively.
If the bears continue to push price action further below this level, then more support can be found at the .5 Fibonacci Retracement level priced at $0.2017, followed by the downside 1.272 Fibonacci Extension level priced at $0.1933.
The RSI technical indicator is printing overbought conditions on the 4-hour time frame which indicates that the bulls are still in control of the momentum.
However, the market may need to stall briefly before being able to push on higher. So long as the RSI remains above the 50 handle, we can expect the market to make higher gains.
Brave Releases Their Fastest Browser So Far
In a blog post released on October 18 2018, the Brave team details the latest release of their web browser, Brave version 0.55, which they have dubbed their fastest browser to date.
The latest update now brings the browser to a Chromium base and away from their previous Electron codebase. It also comes with significant privacy improvements such as default Brave Shield and other Tor-related enhancements, along with many cosmetic changes.
They have also introduced the beta version of the Brave Rewards program which allows users to donate BAT to their favourite registered content producers online.
In the blog post, the team released some international performance tests which reveal that the latest browser is now 22% faster on average, in terms of load time. They have stated that this could save between 8-12 seconds on certain websites.
The Brave team has achieved great milestones as on their road to releasing the official Brave Version 1.0. With the progress that the established team is making, there is enough to remain content, at this moment in time, for any investor.
The “Coinbase Effect”
Adding to the excitement, earlier this week the cryptocurrency exchange giant Coinbase added the ERC-20 token 0x to their services. It was first revealed in a blog post in July that Coinbase was beginning to explore adding more coins such as 0x. The list also included Cardano, Stellar, Zcash and BAT.
Many investors are speculating that BAT will be the next token from the list to be added as it is also an ERC-20 token. It would be a simple process for Coinbase to integrate a similar ERC-20 token as the infrastructure has already been built with 0x.
Regardless as to whether Coinbase adds it next, the speculation alone has proven enough to make an impact on the markets.