After painfully enduring the bearish market for four months, it appears that Basic Attention Token is finally gearing up to announce its next move in terms of price action.
Basic Attention Token breaks the bearish trend
Since late November, BAT has been stuck in a downward trend wedge. Moreover, it has consistently tested the upper trendline while failing to break it.
As the wedge narrowed, BAT was forced to test the lower trendline support at $0.621. And right now, after rallying at 10.28%, BAT may finally manage to break the upper trend and close above it.
Whether or not it will test it as support is still an open question as not much support has been observed on the part of the investors.
Basic Attention Token Price Action | Source: TradingView – AMBCrypto
Holders’ holdings and whales
This is surprising because unlike the rest of the altcoins on the market, BAT holders are actually in much better shape.
Of the 423.51k addresses on the network, only 20% of them actually face losses. The rest, 76.6%, makes a profit.
Basic Attention Token Investors in Profits | Source: Intotheblock – AMBCrypto
However, in the past three months, the total volume of all transactions in the Basic Attention Token chain has decreased. It dropped from an average of $48.21 million to the current average of $10.44 million.
Basic Attention Token Transaction Volume | Source: Intotheblock – AMBCrypto
In fact, it’s not just investors who have been inactive. BAT whales, which together account for 40.17% of the total BAT stock, have reduced their activity in the chain. This resulted in their total transaction volumes dropping from a peak of $391 million to just $6.9 million at the time of writing.
Basic Attention Token Whales Transaction Volume | Source: Intotheblock – AMBCrypto
Anyway, Basic Attention Token’s social strategies may be in favor of a price increase as the Brave browser token has held NFT drop contests for investors to exchange their Brave wallets. They also take advantage of the Women’s Day opportunity by sharing World of Women NFTs as prizes.
These tactics seem to help the token as its social presence has improved significantly in recent days. His dominance even reached 0.7%, higher than Polkadot.
Basic Attention Token vs Polkadot Social Dominance | Source: Santiment – AMBCrypto
This post Breakout of fallback – BAT may finally be gearing up for a decisive trend
was published first on https://ambcrypto.com/breakout-or-fallback-bat-may-finally-be-gearing-up-for-a-decisive-trend/
