Basic Attention Token Rises 11% After Perpetual Contract Launch

Basic Attention token rises 11 percent after binance announced the introduction of the new BAT derivative product as we are reading in the upcoming Basic attention token news.

BAT surged right after the announcement but the technical index estimates that a correction phase could be upcoming. In the recent blog post, the world’s largest cryptocurrency exchange Binance revealed that it will launch a Basic Attention token perpetual contract on the crypto derivatives trading platform so this new instrument will be leveraged and paired against Tether. According to Changpeng Zhao, the CEO of binance, the highest leverage for this contract aims to meet the professional traders’ demand for these products:

 “We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance.”

The announcement seems to have sparked a lot of interest among the market participants in the coin especially now since the Basic Attention Token rises significantly. Despite the bullish impulse, this cryptocurrency could face a huge retracement. The TD sequential indicator is presenting two selling signals and one in the form of a green nine candlestick while the other is a sequential 13 candle. These bearish formations show that the Basic Attention token could retrace to four candlesticks before going on further in the bullish trend.

A spike in the selling pressure behind this crypto around the price levels could validate the bearish outlook so BAT could even plunge to the 78.6% Fibonacci Retracement level. Breaking below the support line could start a harsh decline to the 61.7 percent or 50 percent Fibonacci retracement levels. The launch of the BAT perpetual contract only boosted the demand for this cryptocurrency. if the BAT is able to close above its recent highs, it could climb further Basic Attention Token is now ranked at #31 by market cap.

Besides this altcoin, we can see that almost every coin is in the green today. The Bitcoin price news, for instance, is showing that BTC managed to rise by 3% only this afternoon and is at ,135, again in the five-digit zone and with a stable momentum.
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