Basic Attention Token rises 11 percent due to Binance announcement
Binance announced the launch of a new product derived from the Basic Attention Token. After the announcement, the BAT increased by almost 11 percent, but a technical index estimates that a correction could occur.
Basic Attention Token Derivatives on Binance
In a recent blog post, Binance, the world's largest crypto exchange by trading volume, announced that it will launch a Basic Attention Token Perpetual Contract on its crypto derivatives trading platform, Binance Futures. The latest financial instrument is leveraged against the stablecoin tether (USDT).
The BAT / USDT Perpetual Swap should be on 13. February at 08: 00 clock (UTC) can be included in trading and traders can choose any leverage from 1x to Select x. According to Changpeng Zhao, CEO of Binance, the high leverage effect of this contract should meet the demand of professional traders for such products.
“We have seen an increase in institutional participation in trading, and these professional traders are looking for the most efficient ways to act very quickly, both in terms of cost and performance .
The announcement seems to have sparked interest among market participants because the basic attention token has increased significantly. Despite the bullish impulse, this cryptocurrency could experience a return.
The upward trend could find an exhaustion point
The sequential TD indicator currently gives two sell signals on the 4-hour chart. BAT could be on the 78, 6% Fibonacci retracement level crash at $ 0, 285.
Breaking below this support level could result in a steeper decline to the 61, 8- or 50 – trigger percentage Fibonacci retracement level. These support barriers are 0, 256 $ or 0, 236 $. Nevertheless, the demand for this cryptocurrency could increase if the introduction of the permanent BAT contract approaches.
The Basic Attention Token, currently in place 29 of the market capitalization, is in the last 24 hours at 11, 14% gone up. BAT has a market capitalization of 449, 59 million USD for a 24 – hourly volume of 149 63 million USD.
Proof of text: cryptoslate