Basic Attention Token on the Rise as Resistance Approaches - Price Analysis

  • Short term: watch for a retrace, especially as Bitcoin gets volatile
  • Long term: likely uptrend established

As we have covered today, some popular altcoins are starting to have major breakouts. Basic Attention Token (BAT) is one such popular altcoin that seems to have found bottom in Q3, and seems like it’s already steaming ahead in its own uptrend -- and closing in on a key resistance level.

We start on a huge weekly BAT/BTC chart to see the full market history. We see that BAT has already broken through perhaps the most important level on the chart’s bottom, at around 2060 sats. This area was the “danger zone” which market a lower price versus BTC than BAT had seen in years.

Spit back up by deep supportBAT chart by TradingView

The next important price is at about 3000 sats, and we can see that BAT is heading for this level. We can also see that volume is coming in well, and likely to be higher this week versus last, breaking a downtrend in this area.

Moving to the daily, we see that the bullish picture is supported by the indicators. BAT has blown past the 55 exponential moving average (EMA) after briefly wrestling with it, and also climbed over another important level at 2360.

Bullish dailyBAT chart by TradingView

We see growing RSI strength matching the price peaks, and consistent histogram strength on those peaks. In fact, the histogram has been green since early September. Again, we see volume growing on the price peaks, suggesting more upside.

Finally, way down on the 2-hour chart, we see a more mixed picture and a possible pullback. A hidden bull divergence is visible so far in October, suggesting a continued uptrend. Volume is holding up even here for the most part, and the histogram has seen higher highs during the month.

Bitcoin pump is causing thisBAT chart by TradingView

Currently, however, this chart has taken a bit of a hit. The reason for this is that, at time of writing, Bitcoin seems to be breaking out of a resistance zone and looking like it could reclaim some lost territory from its massive breakdown three weeks ago. This is typical, and doesn’t necessarily reflect weakness in BAT’s uptrend per se.

In total, it looks like BAT is one of a number of promising, popular altcoins who look to have found their bottoms and reversed. This one will definitely be worth watching in the coming days and weeks.

The views and opinions expressed here do not reflect those of and do not constitute financial advice. Always do your own research.

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Ethereum's Top DEX Announces Update Powered by ‘Unbounded’ Scaling Solution

IDEX, the top decentralized cryptocurrency exchange for trading ERC-20 tokens on the Ethereum blockchain, has announced a new update powered by an ‘unbounded’ scaling solution called Optimized Optimistic Rollup (O2R).

The scaling solution is made possible by the upcoming Istanbul hard fork, which is expected to take place over the weekend, and brings six Ethereum Improvement Proposals (EIPs). One of these is EIP 2028, which reduces the gas fee for requesting call data from 68 gas per byte to 16 gas per byte. Calldata, CoinDesk reports, is information broadcast on the ETH state necessary for creating specific smart contracts.

These include smart contracts to bundle on-chain transaction off-chain. Aurora Labs, the company behind IDEX, sees Istanbul as a potential way to lower operating costs while processing more transactions. Alex Wearn, IDEX’s co-founder and CEO, said in a press release:

We designed O2R as a way to solve for Ethereum’s scaling challenges today by offering an alternative system that gives businesses a platform to scale to their needs. For IDEX, this 2.0 release gives traders what they want most—the performance and scalability of a centralized platform combined with the security of a DEX

The release notes each settlement transaction processed using the Optimized Optimistic Rollup solution will consume less gas than a single transaction on the IDEX 1.0 exchange, allowing for significant savings on gas fees. A demo version of the IDEX 2.0 trading platform is now available for traders, and comes with a trading competition that the exchange claims will be distributing over $200,000 in prizes.

It’s worth noting that according to Etherscan data, IDEX was responsible for nearly 28% of all transactions conducted on decentralized exchanges on the Ethereum blockchain over the last 30-day period. Uniswap came in first place with 28.9% of transactions, with Kyber Network coming in third with 17%

Decentralized Exchanges

Decentralized trading platforms are a growing trend in the cryptocurrency space. While the first prominent decentralized exchanges were on the Ethereum blockchain, there are now some available on various blockchains, allowing users to trade directly from their wallets.

Allowing users to trade directly from their wallets means there won’t be a risk of losing funds if a centralized platform gets hacked. This has long attracted users, so much so even decentralized exchanges have launched decentralized trading platforms.

These include controversial South Korean trading platform Bithumb, and its Bithumb DEX, popular exchange Binance and its DEX, Poloniex and its TRON-focused DEX launched shortly after it spun out of Circle, and platforms like Waves, which is partly known for its DEX.

As CryptoGlobe reported, OKEx has also announced that the development of its own blockchain, OKChain, is in its final testing phase. OKChain is going to be used to support the unbanked by “providing them basic financial services.” The first decentralized application on the network will be a decentralized trading platform, OKDEX.

OKB, OKEx’s native token, is set to be equipped with more use cases in different fields, including cybersecurity, finance, lifestyle services, and more.

Featured image via Pixabay.