With BAT ready to nosedive, is there an enticing opportunity

ambcrypto.com:

The Basic Attention Token, popularly known for its integration with the Brave browser and its ad-free experience is seemingly losing its shine. The broader market sentiment has hit the coin hard. Thus, leading to a loss of over 60% in market cap since it touched its all-time-high back in November end.

Technically speaking, it is in a very delicate position now. It is close to the lower edge of a descending triangle. Well, significantly below its 50 and 200 DMA. It has also been seeing poor volumes and the RSI hasn’t reached the oversold territory yet – so a further fall from hereon cannot be ruled out.

Following that, a breach below the crucial support level of the descending triangle can quite possibly result in a nosedive due to the absence of any meaningful support level whatsoever after that. So price action-wise, BAT’s future looks bleak unless there is a change in the broader market sentiment. And, it sustains a rally breaking past all immediate resistances.

BAT/USDT | Source: Tradingview

However on-chain metrics for the coin present mixed views. For example, the MVRV-Z score for BAT, according to data pulled from Santiment, shows a good value proposition to buy into the coin. Thanks to its fall, and with an optimistic view in mind – the MVRV-Z score for the coin seems to be in a good position to grant an entry for short-term profits.

MVRV-Z Score | Source: Santiment

Along with that, the supply held by top addresses as a percentage of the total supply of the coin has also been rising at a reasonably steady rate. This points to a long-term HODLer conviction on the coin. It must also be noted that this rise occurred despite the tragic loss of market cap.

Supply held by top addresses (as a % of total supply) | Source: