- Basic Attention Token records the largest transaction to a centralized exchange wallet in three months.
- Selling pressure starts to mount on BAT in the wake of the transaction, downside eyes $0.18.
Basic Attention Token, a blockchain-based digital advertising token, saw its price react slightly upwards on Wednesday following the biggest transaction on the network in three months. The transaction was tracked and revealed by Santiment, a leading provider of on-chain metrics and analysis.
Basic Attention Token likely to dump
According to Santiment, the transaction of 25 million BAT tokens was liquidated before being sent to “a fresh centralized exchange wallet.” At the prevailing exchange rate, the transaction is worth $5 million.
The price of BAT jumped slightly after the transaction was completed. However, selling pressure is likely to come into the picture as far as the technical perspective is concerned.
The transaction volume metric by Santiment illustrates a spike in the value transferred on the network, followed by a significant drop. The minor price increase can be attributed to the surge. However, the prevailing low volume hints at a stunted recovery or possibly a breakdown.
 [07.48.01, 11 Nov, 2020]-637406678742199754.png)
Basic Attention Token transaction volume
The TD Sequential indicator just presented a sell signal on the 4-hour chart in the form of a green nine candlestick. The signal, calling for sell orders, gives credibility to the bearish outlook. Already a bearish candlestick is forming on the chart, with BAT trading at $0.204. If the bearish pressure increases in the near term, BAT/USD might engage reverse gears towards the next support target at $0.18 and $0.175, respectively.
BAT/USD 4-hour chart
The same timeframe reveals more resistance at the 200 Simple Moving Average. If the declines gain momentum, BAT might breakdown to confirm the anchor at the 100 SMA.
BAT/USD 4-hour chart
On the flip side, closing above the 200 SMA would invalidate the bearish outlook and place BAT on a recovery path to $0.23. Moreover, stability above the moving average will help shift the bullish camp's focus to higher levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?