1.15% of Basic Attention Token’s supply left crypto exchanges in a day
This is the largest daily outflow to date and hints of accumulation by BAT whales
Basic Attention Token has benefited from the news of Grayscale considering a BAT Trust
The daily BAT/USDT is hinting of some bullishness as February comes to a close
Yesterday, February 26th, the digital asset of Basic Attention Token (BAT) experienced its largest daily exchange outflow to date. On this day, the equivalent of 1.15% of Basic Attention Token’s total supply left crypto exchanges and before the digital asset pumped by 9% in a single hour. This milestone by Basic Attention Token was captured by the team at Santiment and shared through the following statement and chart.
BAT has decoupled from $BTC, & is one of the few altcoins in the green.
Its+9% rise the past hour comes after the largest Basic Attention Token exchange outflow in 7 months earlier, & biggest single-day supply drop from exchanges (-1.15%) of all-time.
Basic Attention Token has Benefited from Grayscale Announcing it is Exploring a BAT Trust
Such a high percentage of Basic Attention Token’s supply leaving crypto exchanges is a clear sign that whales are accumulating BAT. Furthermore, the accumulation could be a knee-jerk reaction as a result of Grayscale confirming that it was exploring the possibility of a BAT crypto trust alongside 22 other digital assets.
BAT/USDT Daily Chart Hints of Bullishness into March
With respect to price, Basic Attention Token (BAT) is trading at $0.53 with the daily chart below indicating renewed buying interest as the month of February comes to a close.
Also from the chart, the following can be observed.
Trade volume is in the green with the daily Heiken Ashi candle confirming this
The daily MACD is also attempting to cross in a bullish manner above the baseline
The daily MFI and RSI are in neutral territory at 36 and 59 respectively
BAT has short-term support at $0.48, $0.45 and $0.3945
In terms of resistances, Basic Attention has the following to contend with: $0.5510, $0.57, $0.5780, $0.5890 and $0.60
Basic Attention Token could test $0.60 before the weekly and monthly close tomorrow February 28th
As with all analyses of altcoins such as Basic Attention Token, traders and investors are reminded that the fate of BAT is very much tied to that of Bitcoin. If the weekly and monthly close prove to be a volatile one for BTC, Basic Attention Token could undergo a significant pullback before continuing on its upward trajectory.