Basic Attention Token Begins Bullish Trend, How Long Can It Hold Off The Bears

The digital asset market started June 19 in an upward movement. The question is, is the current price action feasible? Can it be sustained? It should be recalled that Facebook revealed that it will be releasing a new token called Libra in the coming weeks. This report has affected the price of some top coins. Additionally, reports related to the issue with Binance exchange was predicted to affect the price of top coins. Yet so far, the case has been different.

Some coins have started brightly and exhibited bullish trend. One of such coins is BAT. Basic Attention Token is currently indicating a good turnover. The price of BAT started very well today. Now, the question to be asked is will this bullish action be stable? Or will volatility take over and cause price fluctuations that will inevitably cut down the price of BAT? Let’s see how BAT performed in the last few days.

Bitcoin (BTC) Price Today – BTC / USD

Name Price
bitcoin
Bitcoin
$10,050.24-3.15%

BAT Price Currently Trading at $0.3496 at Press Time

According to data given by coin market cap, the price of Basic Attention Token was trading at $0.3496 against the USD at press time with a circulating supply of 1,268,938,630 BAT. The coin is currently number 27 among the top cryptos by market cap with a total market capitalization of $442,151,242.

Critically looking at the 5-day chart highlighting trading for BAT/USD pair, it is very clear that the price of Basic Attention Token has been fighting to hold on to the current bull trend. It has done this despite the fact that the coin is thriving in a volatile market. Between June 13 to June 17, it has traded in a bearish region with no slight peep ups in between either positions. On June 14, the price of BAT deterred to as low as $0.3090.

Why BAT’s Bullish Action is Questionable

As the BAT price has been thriving in a negative trend for a long time, it is understandable for the coin be become deprived of support positions whichput the sustenance of its current bullish ranges into question. Yesterday, the price of BAT attained a bull height of about $0.3677.

So, a shift in BAT’s price will be moderate, and there’s no noticeable momentum for Basic Attention Token in the bullish territory. Rather, it typically declines at a quick pace in the bearish territory. In a span of five days, the price of BAT reportedly increased by 13.13%. Hence, if we follow this pattern, it safe to conclude that in coming days, BAT price can trade at $0.3433 to $0.3545.

BAT Can be A Good Investment if it Stays in Bullish Territory

Thus, it is safe to say that BAT can be regarded as a good investment option only if it stays in its bullish action in coming days because the coin is thriving in an uncertain and volatile market which can deter the value of the coin at a significant rate. The coin’s price can drop at any time. Still, there’s also a slight potential for growth. But investors should follow price trends and be cautious before delving into the market.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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