BAT/USD Price Analysis: Market goes ballistic as price shoots up by 13%

BAT/USD bulls had a field time this Thursday as its price went up from $0.23 to $0.26 making them the biggest mover among the top 25 coins as listed on CoinmarketCap. BAT and the Brave browser have both received plenty of positive press in recent times.

Firstly, Wikipedia co-founder Larry Sanger announced that he was switching from Chrome to Brave:

“I’ve switched to Eich’s newer browser, Brave. I’ve had a much better experience using it lately than I had when I first tried it a year or two ago and when it was still on the bleeding edge. Brave automatically blocks ads, trackers, third-party cookies, encrypts your connections—and, unlike Google, they don’t have a profile about you. It’s quite good and a pleasure to use. There might be a few rare issues (maybe connected with JavaScript), but when I suspect there’s a problem with the browser, I try whatever I’m trying to do in Firefox, which is now my fallback. There’s absolutely no need to use Chrome for anything but testing, and that’s only if you’re in Web development. By the way, the Brave iOS app is really nice, too.”

Sanger is not the only one taking this step. Brave browser has already hit over 20 million downloads on Android.

Brave CEO Brendan Eich also recently commented that Brave users can make upto $70 by viewing advertisements. Eich stated:

“Many of Brave’s users at this early stage are “lead users” (Eric Von Hippel, MIT) and represent off-the-grid prospects because they block assiduously, either in Brave alone or with Brave + uBO or another solid blocker. Lead users are worth much more due to their high usage of search, ecommerce, and paid services. I would not be surprised if our users can make $70/year as we bring the system up in 2019 — when ad deals will be harder to come by and we’ll subsidize revenue from BAT’s User Growth Pool — and climb by 2020 to above .7 * 320 or $224 net user revenue per year.”

BAT/USD daily chart

The last three sessions on the BAT/USD daily chart (Bitfinex) have taken the price above the 20-day Bollinger band which is a powerful bullish indicator. The Bollinger band and the Elliot wave oscillator shows an increasingly volatile market. The relative strength index (RSI) curve has crept into the overbought territory. More bullish movement is expected since the 50-day simple moving average (SMA 50) curve is about to cross over the 200-day simple moving average (SMA 200) curve to chart the golden cross pattern.