ABBC Coin Rises 45%: Can Bears Stop the Momentum?

  • ABBC’s price rose to $0.077, a 45% increase in the last 24 hours.
  • ABBC was overbought but increasing upward momentum may push it to $0.1
  • The project plans to upgrade its network to ABBC 3.0 in January.

According to CoinMarketCap, the price of ABBC Coin (ABBC) increased by 45% in the last 24 hours. At press time, the cryptocurrency’s price was $0.077. ABBC was spared from a generally red day in the markets, which saw Bitcoin (BTC) and Ethereum (ETH) dragging many altcoins down with them.

ABBC 24-Hour Price Performance (Source: CoinMarketCap)

What is ABBC Coin?

The ABBC team created the ABBC Coin as a way to give holders voting power during governance proposals. ABBC also focuses on enabling fast and secure payments through a multi-platform wallet. The wallet supports BTC and ETH and is built on the EOS blockchain. 

At press time, there were 1.47 billion ABBC tokens in circulation. Its market cap was around $109.92 million, and its trading volume spiked to above $10 million in the past 24 hours.

Sellers Are Out of the Way 

Per the price action, the ABBC/USD 4-hour chart showed no signs of slowing down. A look at the Relative Strength Index (RSI) showed that bears have not been able to stop the bullish momentum.

At press time, the RSI was 85.68, which is considered to be an overbought level. However, it seemed that continuous buying pressure has invalidated the notion of a decline. Should the buying momentum increase, ABBC’s price may be on its way to $0.1.

Another indicator considered was the Awesome Oscillator (AO). At press time, the AO was 0.013. Positive values of this indicator suggest increasing upward momentum. A closer look at the AO showed that the green histogram bars had formed higher highs.

ABBC/USD 4-Hour Chart (Source: TradingView)

This position confirmed the bias that bulls might continue to determine the cryptocurrency’s trajectory in the short term. 

Meanwhile, the ABBC Foundation has communicated an update to its holders. According to the post on X, there would be an ABBC 3.0 upgrade called “Zentu.”

However, the foundation noted that the upgrade would not come to life this month as it is billed to take place on January 15. With this forthcoming upgrade, there is a chance for ABBC’s price to increase. 

At the same time, market participants should watch out as the Zentu upgrade could also be a “sell the news” event.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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