Basic Attention Token Price Drops Again as Bulls run out of Steam

It seems today will not necessarily offer any more promising crypto market momentum compared to yesterday. While fewer markets are in the red at this time, there is still a lot of unease to contend with. As far as the top markets are concerned, nothing is moving in a decisive manner. However, it seems the Basic Attention Token price is losing ground again after an unexpected bullish run yesterday.

Basic Attention Token Price Drops Again

It has been a pretty interesting week for Basic Attention Token, at least in the price department. Following some new developments and partnerships, it appears the interest in this token is moving up again nicely. However, most of that positive momentum which materialized yesterday has all but disappeared today. The result is a decline in price, which was entirely to be expected.

More specifically, the Basic Attention Token price has decreased by just over 5% across the board. Not entirely surprising, as there was a very strong uptrend just yesterday. It is only normal traders start taking profits when the momentum works in their favor. Especially with BAT, one has to take profits quickly, as the momentum can easily sour where this token is concerned. For now, one BAT is valued at $0.1768, or 4,588 Satoshi.

As is always the case in the crypto industry, the overall trading volume tends to take a serious hit on Sundays. For BAT, the volume sits at just $21.74m, which is a lot lower compared to yesterday when the price was getting pumped. As such, it seems likely to assume the price decline will continue for a few more hours to come, unless something changes out of the blue.

What is rather peculiar is how traders shared an interesting chart yesterday. TQ Crypto confirms Basic Attention Token successfully broke above the 200-day moving average for the first time since November of 2018. To most people, that seems like a major bull flag, yet the market has capitulated as a result. This creates a lot of short-term uncertainty, although no massive losses are to be expected at this time.

Related Post

For those traders who want to make money but remain hesitant about trusting Basic Attention Token’s momentum, exploring arbitrage opportunities is always a viable alternative. Today, BAT is seemingly a part of a triangular arbitrage opportunity which involves Litecoin as well. The exchanges involved are Binance, Kraken, and Koinex, which means overall liquidity should not pose too many problems.

Although this new BAT price decline will make some traders anxious, it was to be expected this market would not remain bullish for very long. The overall market circumstances do not favor a strong uptrend as of right now, although Bitcoin has begun showing minor signs of recovery. This will not be the last time the value of Basic Attention Token rises, but it seems the $0.176 level will need to begin acting as support first.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Published by
JP Buntinx

Recent Posts

A trader who called the 2010 crypto crash revealed BTC’s next price target and eyeing Tradecurve for massive growth potential

Bitcoin is heading in a downward direction, as its value can decrease by the end…

11 hours ago

Investors pour into TMS Network (TMSN) Even as booming GameFi industry grows Decentraland (MANA) and Shiba Inu (SHIB)

2023 is poised to be the year of GameFi's remarkable rise, bringing exciting opportunities for…

18 hours ago

TMS Network (TMSN) Crypto Shatters Records, Defeating Avalanche (AVAX) and Aave (AAVE)

In the world of cryptocurrencies, a new player has emerged, shaking the foundations of the…

18 hours ago

Web 3.0 HedgeUp (HDUP) Goes Viral Due to Outshine and LBank

In the era of Web 3.0, the cyberspace landscape has been transformed by blockchain and…

19 hours ago

Hotbit shuts down; traders are looking at Tradecurve

Exchanges for cryptocurrencies have grown to be essential parts of the ecosystem since they give…

1 day ago

Crypto Price Today: HedgeUp Presale Trades at $0.020 After Raising $1.8M, Will Solana Reach $300?

The financial news of late has been ripe with stories on crypto, with many investors…

2 days ago