The negativity in the price of Bitcoin continues, and we are seeing exceptional rises in altcoins. So what’s next? It’s hard to predict, capturing exceptional rises while the market is falling is largely a matter of luck. On the other hand, on-chain data can sometimes provide important warnings to investors who look in the right place with leading signals.
According to crypto analysis firm Santiment, the native token of the privacy-focused internet browser may rise soon. Santiment says that Basic Attention Token, which is used as a reward-based cryptocurrency for Brave Browser, may rise due to recent social media movements. Santiment shared data showing an increase in social dominance for the terms “BAT,” “browser,” and “brave” in its recent assessment.
“BAT and Brave Browser trended after a viral Reddit post discussing the success or failure of the unique internet browser that offers rewards. The asset itself could not differentiate among altcoins, but it could receive some support.”
The price of BAT Coin, which mostly traded sideways last week, dropped below $0.2 and is currently finding buyers at $0.197. The sudden drop in the price of Bitcoin below $29,000 also negatively affected it.
The $0.2 level is an important support zone for the price. Unless there are closures above this level, the current decline could continue down to the $0.183 level. In a deeper correction, the $0.1662 and $0.1486 support levels are vital. The price recovered from this zone during the general market crash on June 10. In the bullish scenario, after breaking the range of $0.215 and $0.22, the rally could continue up to $0.265.
Santiment also turned its attention to Litecoin ahead of the highly anticipated halving event. It says that Litecoin bulls are accumulating coins rapidly, and addresses with at least 100 LTC are on the rise.
“The upcoming halving of Litecoin on August 2 continues to excite traders. In the past 24 weeks, with more people becoming aware, an additional 1,185 addresses with at least 100 LTC have been created. Many people expect this to initiate a rise.”