Basic Attention Token (BAT) is experiencing double-digit gains in the crypto markets.
In the past week, BAT whales have been accumulating the token in a big way.
They have accumulated approximately 6% of total supply in 5 days.
One address has increased its holdings from 53.63M to 126.92M BAT tokens in the past week.
A quick glance at Coinmarketcap reveals that Basic Attention Token is one of the top three digital assets experiencing double-digit gains in the last 24 hours. At the time of writing this, four digital assets are leading the charge in gains this weekend. They include Celsius (CEL), Aave (LEND), Basic Attention Token (BAT) and Horizen (ZEN).
Basic Attention Token (BAT) Whales Accumulate 6% of Supply in 5 days
With respect to Basic Attention Token, the team at Santiment has revealed that BAT whales have been accumulating the token in the past week. In their first analysis shared on Twitter, they revealed that the top BAT addresses have added 5.94% of the total supply to their wallets in the past 5 days.
Furthermore, the largest non-exchange address holding BAT has accumulated the token in the last week and increased its holdings from $53.63 million BAT tokens to 126.92 million. To note is the accumulation by this address in the past week has been the largest in a three year period. The team at Santiment shared this analysis via a second tweet below.
$BAT's largest non-exchange address has just had its largest accumulation week in ~three years (since the week of July 12, 2017). In the most recent week (June 19 – June 26, 2020, this address went from holding 53.63M to 126.92M $BAT tokens (+136.7%). https://t.co/gkYYCPAT2kpic.twitter.com/Nfw1EabWee
What Next for Basic Attention Token in the Crypto Markets?
Taking a quick glance at the BAT/USDT daily chart courtesy of Tradingview, the following can be observed.
Basic Attention Token‘s current price at $0.2868 is in bullish territory above the 50-day, 100-day and 200-day moving averages.
BAT has just cleared the $0.28 resistance zones and if its momentum can be maintained, $0.32 is the next area of concern for the token.
MACD clearly points to a bullish environment with trade volume clearly in the green.
However, the daily MFI is clearly in overbought territory at a value of 85.
In conclusion, the past week has seen several whales accumulate Basic Attention Token (BAT) in a big way. As a result, the value of the token has increased drastically starting on the 20th of June when it was valued at $0.21 to its current value of $0.2868. A brief technical analysis of Basic Attention Token reveals that there is bullish momentum that could push the token to higher values in the coming days.
As with all analyses of altcoins such as Basic Attention Token, traders and investors are advised to have an eye out for any sudden moves by Bitcoin that might ruin the party. Additionally, stop losses are advised to protect trading capital.