Basic Attention Token (BAT) on Monday has surged as much as 10.6 percent against the US Dollar from the previous day’s low.
The BAT/USD exchange rate today has marked fresh quarterly highs towards 0.322-fiat, totaling the bullish gains to as high as 26 percent since November 2. The pair is also experiencing a quadruple surge in its intraday trading volume, rising from near $8 million to circa $36 million. In long term, however, BAT/USD is still facing a strong pullback sentiment towards the falling trendline which could keep the overall bias neutral, if not bullish, unless broken to the upside.
A portion of the prevailing bullish sentiment is anyway coming from the Coinbase Pro news. The US exchange on November 2 launched BAT trading on its platform after months of speculation. Circle’s stablecoin USD Coin, or USDC, according to the announcement, is the first quoted currency for BAT’s instrument on Coinbase Pro.
The BAT/USD pair is now heading for a breakout action while testing 0.329-fiat as its range support. If the pair manages to break above the said wall, it could extend its bullish momentum further and attempt to test 0.429-fiat, July 23 high, as its primary upside target. A reversal upon testing the falling trendline could similarly push the price back towards the nearby support level at 0.284-fiat.
As of now, the price jump has arrived in sync of an overall crypto breakout action, which has seen top pairs, including BTC/USD, BCH/USD, and ETH/USD, breaking their respective resistance levels. The manipulation in the Tether market has moved the USDT capital towards the top coins. The BAT/USDT volume, nevertheless, has contributed less than a percent to the overall BAT trades from the past 24 hours.
Coinbase Pro has decided to launch the BAT/USDC in four successive stages, with a full-scale trading launch being the fourth and the final stage. The first part of the launch, which took place on November 2, allowed traders to only transfer BAT holdings to their Coinbase Pro wallets. In the second part, the exchange will accept only stop-limit orders but it will not match or complete them. In the third stage, the exchange will start matching the limit orders, while in the last one, it will enable a full-scale BAT/USDC trading.
That said, the interim price action in the BAT market would have less to do with Coinbase Pro trading platform and more with the growing speculation on other exchanges. Once more assets will join BAT as its quoted currencies, the market could see substantial long-term price action.
Fundamentally, the credibility of Brave, BAT’s platform, could assist the token value appreciation as more users download the internet browser. It has already crossed 10 million downloads on Google Play Store.
Featured Image from Shutterstock. Charts from TradingView.
Last modified: October 6, 2020 2:20 PM