Billions Network [BILL] surged by more than 25% in the past 24 hours. BILL’s daily trading volume surged by 163% to around $217 million, which was larger than its market cap by 2.67x.
The spike in trading activity that drove the altcoin higher was due to the Robinhood listing of the BILL token. This exposed BILL to more than 27.7 million funded customers on Robinhood.
Billions Network breaks out of potential bottoming pattern
Apart from the listing, BILL also turned bullish in the short term as the price broke out of a symmetrical triangle pattern. BILL formed this bottom pattern above the $0.020 zone and looks headed past $0.035.
However, for a sustained bullish breakout, BILL needs to breach the resistance above $0.035. A retest of the pattern could delay the anticipated rally. A retest usually occurs after breakouts, but it doesn’t happen every time.
Bulls are buying to push the altcoin past this zone. Hence, the Net Volume shows about 9.42 million BILL tokens were bought at press time. Additionally, the Chaikin Money Flow (CMF) indicated capital inflows with the reading at 0.14 and rising.
Another key driver of the altcoin is the spike in mindshare after the Robinhood listing. As per CoinMarketCap, BILL’s mindshare spiked 425.8% in the past 24 hours. There were a total of 1.17K mentions and engagements.
Whales and individuals are bullish, but the market trend sentiment remains neutral. This is because the altcoin is yet to pass the test at the $0.035 zone. Still, there are additional reasons why the rally may not last long.
Will distribution cap BILL’s upside?
That is, potential distribution by institutions or treasuries, which were moving BILL tokens from cold storage and safe wallets to hot wallets. For instance, an entity transferred 20 million BILL tokens worth $630K out of the Gnosis Safe multisig wallet.
Over the past two days, millions of tokens have moved from Coinbase and Bitvavo cold storage wallets to markets like GSR Market. The movement hinted at an incoming OTC deal or a distribution event that induces selling pressure in the market.
As such, it could cap the current rally.
Therefore, Billions Network may have hinted at a shifting market trend, but it was yet to be confirmed, only by closing above $0.035. Still, this upside may be capped as institutions show signs of a looming sell-off.
Final Summary
- Billions Network is up more than 25% after the Robinhood listing, driving trading volume and mindshare.
- BILL broke from a bottoming pattern, but the price action still faces a key test at $0.035 to confirm the trend shift.