This Cryptocurrency Shot Up 27% after Singapore Exchange Listing

Journalist:
May 8, 2019

By CCN.com: ABBC Coin, formerly known as Alibaba Coin, has posted up to 27-percent gains to reclaim its three-week high.

The ABBC-to-dollar exchange rate established an intraday high towards $0.322 this Wednesday soon after BitMax, a Singapore-based cryptocurrency exchange, listed ABBC on its platform. The pair later corrected 12.19-percent lower to neutralize its overbought conditions, which came as a hint towards traders’ lack of interest in extending the ABBC upside sentiment.

ABBC COIN SURGED 27-PERCENT IN A DAY | SOURCE: COINMARKETCAP.COM

The ABBC Coin, on the whole, noted circa $51 million worth of trading activity, according to CoinMarketCap.com’s 24-hour adjusted timeframe. The ABBC volume looked well-distributed across the exchanges, with BitMart, P2PB2B, and BitForex together hosting 30-percent of the total daily trades. At the same time, ABBC maximally changed hands to/from Bitcoin’s BTC (58-percent) and Tether’s USDT (11-percent).

ABBC Coin Fundamentals

ABBC Coin lately improved its market fundamentals following a partnership with Lunar Digital Assets, a California-based blockchain development group. The duo will work on expanding ABBC’s network inside the blockchain, as well as e-commerce space.

“Despite the negativity we received, we kept our heads down and worked hard on supporting our users with their specific issues through our official channels. Now, it’s time to do more,” said Mr. Suresh Kannan, Marketing Manager of ABBC Foundation.

That is, of course, a promise which should excite only the hardcore ABBC followers, akin to how communities support Bitcoin or Ethereum. Given the current scenario, ABBC lacks holders and even the ones that might have believed the project is threatening to walk out over unpaid airdrop tokens. Atop that, the ABBC team seems to have offloaded their core development tasks to their new partners in Lunar Digital Assets.

Opportunity

Day traders could get some entertainment out of ABBC’s intraday price movements. Technically, the ABBC-to-dollar rate could extend its downside correction towards $0.25 and look out for a potential bounce back. A green bar formation accompanied by a rise in volume should indicate a decent long opportunity towards the nearby upside target at $0.266. At the same time, a close below $0.25 could prepare traders to open their short positions towards $0.241.

Disclaimer: The author held ABBC Coin in his portfolio between April 23, 2019, and May 2, 2019.

Yashu Gola @whoisyashu

New Delhi-based Yashu Gola has been working as a cryptocurrency analyst/journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.