Basic Attention Token dipped about 2% over the session, though trading metrics suggested strength underneath. Transaction count and spot volume both climbed. The rest of the altcoin complex fell with
Basic Attention Token dipped about 2% over the session, though trading metrics suggested strength underneath. Transaction count and spot volume both climbed.
The rest of the altcoin complex fell with it. Ethereum, Ripple, Bitcoin Cash, and Litecoin all moved into the red on the 4-hour chart. The decline spread across the broader ERC-20 space, with BAT trading lower, off 2% and 1.75%.
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Technicians saw a bullish bias in BAT/USD on the daily and 4-hour charts. The pair moved within a descending channel, with prices pressing lower. Buyers had entered, but the channel's top edge capped any upward runs. The near-term outlook called for further downside. Yet a buy signal had formed on shorter timeframes and medium-term charts. The token could vault past $0.26, where the 23.6% Fibonacci retracement level sat.
Immediate support was $0.25. A drop below that would force bulls to defend the 100-day moving average, which stood at $0.246.
The token commanded a $370 million market cap with some $16 million in 24-hour trading volume, per Coin360. Supply had expanded over the month. Around 10 million BAT tokens came into circulation since Compound yield farming took off two weeks back, Coin Metrics showed. Growth in DeFi interest drove the influx.
Network metrics moved higher on multiple fronts. Transaction count shot upward in June, with the seven-day average showing steep gains. The count peaked at 13,630 on June 27, an all-time high. Spot trading volume rebounded to its best level since the March crash.
BAT quoted at $0.252 on most major venues. The Gemini exchange saw a spike of 8%, well ahead of the rest of the market.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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