Breakout or fallback – BAT may finally be gearing up for a decisive trend
After painfully enduring the bearish market for four months straight, it seems like Basic Attention Token is finally gearing up to declare its next step in terms of price action.
Since the end of November, BAT has been stuck within a downtrend wedge. Furthermore, it has consistently been testing the upper trendline, all the while failing to breach it.
As the wedge got narrower, BAT was forced to test the lower trendline support of $0.621. And, at the moment, on the back of a 10.28% rally, BAT might finally manage to breach the upper trend and close above it.
Whether or not it will test it as support is still questionable since there hasn’t been a ton of support observed from the investors’ end.
Basic Attention Token price action | Source: TradingView – AMBCrypto
This is surprising because unlike the rest of the altcoins in the market, BAT holders are actually in a much better state.
Of the 423.51k addresses on the network, only 20% of them are actually facing losses. The rest, 76.6%, are enjoying profits.
Basic Attention Token investors in profit | Source: Intotheblock – AMBCrypto
However, over the last three months, the total volume of all transactions on the Basic Attention Token chain has been diminishing. It fell from an average of $48.21 million to its current average of $10.44 million.
Basic Attention Token transaction volume | Source: Intotheblock – AMBCrypto
In fact, it’s not just investors who have been inactive. BAT whales that cumulatively hold 40.17% of the entire BAT supply have reduced their activity on-chain. This resulted in their overall transaction volumes coming down from a peak of $391 million to just $6.9 million at press time.
Basic Attention Token whales transaction volume | Source: Intotheblock –
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