As most of the top markets struggle for traction right now, speculators and traders are looking well beyond the top 20 for profits. Basic Attention Token is, once again, making some very strong moves. Its addition to Coinbase should occur later today, although the company has yet to communicate an official timeline in this regard.
Basic Attention Token Price Rises Again
It has been a wild ride for holders of the Basic Attention Token over the past few weeks. The imminent listing on Coinbase has many people excited, and the BAT price responded in kind. Even today, there is still plenty of market excitement to take into account, albeit those buying into the FOMO may not necessarily see the results they are looking for.
Over the past 24 hours, the BAT price has risen by 7% in USD value, 8% over Bitcoin, and 9.5% over Ethereum. All of these gains are incredibly bullish, primarily because they are sustained by very little trading volume at this time. It seems to be a matter of time until the value surges to $0.4, although it is a bit early to say for sure.
The big news of the day is how Coinbase will list Basic Attention Token this week. Many people expect that to happen today, although it may very well be later this week. Until the company makes an official statement, users need to remain patient first and foremost. BAT Will be made available on the website and the mobile applications in the coming days.
Please also note that BAT is not yet available at https://t.co/MO27BEqMdL or in our iOS and Android apps. We will make a separate announcement when that occurs. #bat #Coinbase #BasicAttentionToken #xlm #ada #xrp #btc #eth pic.twitter.com/EApzbo79ic
— Rodge_Amsterdam (@AmsterdamRodge) November 8, 2018
A very interesting trend has been noted by Istvan. He shares some interesting details as to how several ERC20 tokens are currently trading independently of Ethereum’s price momentum. Among those assets are Basic Attention Token and 0x, both of which have close ties to Coinbase at this time. A very interesting trend, although one that may not necessarily amount to any major changes moving forward.
We note that the prices of at least ten tokens of the ERC-20 standard have recently “live their own lives”. The graph above shows that the tokens #BAT and #ZRX, which recently appeared in the Coinbase Pro listing, have completely ceased to correlate with the price of #Ethereum
— istvan (@istvan33001710) November 8, 2018
For those looking at the charts form a technical analysis point of view, the current momentum certainly looks appealing. Although Crypto Ronny predicted a double dip and subsequent dip to 4,700 Satoshi, the market has rebounded strongly ever since. Ever since, it seems a new double top pattern has begun forming, although it remains to be seen if that will lead to another leg down over the coming hours.
#BAT double top pattern on 1H chart! Target figure will be on 4700 sats (strong support too) #bat $bat #btc $BTC pic.twitter.com/c1YSnCCUDu
— Crypto Ronny (@CryptoRonny5) November 8, 2018
While there is plenty of momentum associated with the Basic Attention Token price, one has to keep in mind buying in at the top is never a good idea. Granted, this token has a real-world use through the Brave browser. However, its price does not necessarily reflect the usability of the token in its current state.
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.
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Author: JP Buntinx