Over a week after the launch of 500K ABBC giveaway, Alibabacoin (ABBC) popularly regarded as ABBC Coin has seen over 150% value rise, making it stay at the 33th position in the coin market.
The dream of Alibabacoin (ABBC) is coming to fruition since the team behind the coin already stated in their road map that ABBC Coin would have been among the 20 top coins before Q4 2019.
Alibabacoin is an idea of Alibaba Foundation, a Dubai based blockchain firm that was faced with two lawsuits by China’s e-commerce firm Alibaba Group.
However, the first lawsuit was defiled after the court said Alibaba Group did not meet “its burden to establish a reasonable probability that the Court has personal jurisdiction over Alibabacoin.”
Shortly after, Alibaba Group proved beyond reasonable doubt that nothing less than one of Alibabacoin’s investor resides in the New York. This made Judge Paul Oetken in Manhattan Federal Court stop Alibaba Foundation from using the trade mark and all other things that has to do with Alibaba Group.
Note that in Today’s Gazette’s first publication about Alibabacoin (ABBC), the second victory by Alibaba Group was not stated. Now, Alibabacoin Foundation (ABBC Foundation) is romancing Alibaba Group for a waiver on the court ruling.
After the court decision, Alibabacoin declined, falling by 47% in 24 hours. Surprisingly, Alibabacoin saw a massive rise months after, an effect that made the digital asset first cling the 66th position before it boisterously jumped to the 33rd position in the coin market.
CoinBene Launches 500K ABBC For Alibaba Coin (ABBC) Enthusiasts
500,000 ABBC giveaway! https://t.co/IAyTneOMjY
— ABBC Foundation (@abbcfoundation) February 20, 2019
On the 20th February, CoinBene announced a 500,000 ABBC Giveaway for Alibabacoin (ABBC) enthusiasts using the exchange.
Alibaba ABBC Coin Intraday Price Analysis
The market is in shamble, except for few coins like EOS, Binance Coin (BNB) and Litecoin (LTC) amongst others that are trying to prove resilient to the plummeting market forces. However, a barely known coin, Alibabacoin (ABBC), seems to be creating a shock wave in the market with an outstanding and imposing added value since the last 48 hours.
According to the historic market data made available by Coinmarketcap, ABBC Coin has been on a steady up rise trend since the end of January with a minimum of 0.05% added every day.
Alibabacoin (ABBC) opened January 29 trading session being priced $0.055216, and before the end of January, the value of the altcoin went as high as $0.046193 against USD.
While other coins in the market limp in bloodshed, ABBC coin value rockets, adding about 150% to its value in the last 24 hours.
Even though ABBC coin has so far been on the rising wedge for quite some time, the momentum triggered by the altcoin on the up rise trend today seems marvelous, coupled with the fact that the market leader, Bitcoin (BTC), is yet to find a strong hold in the market green area.
After maintaining a strong support around $0.16 level for about 12 hours, Alibabacoin (ABBC) rallied for support on the rising wedge, and since then, it has been maintaining a steady rise in the market.
Trade pair ABBC/USD surged higher for another resistance around $0.34, and this was buoyed for about 3 hours before breaking out of the $0.34 resistance mark with another momentous rally on the upside trend.
Alibabacoin (ABBC) opted for another resistance point and a solid support was formed around $0.4 level mark. ABBC coin is presently priced $0.39, but a possible bull race that will send the coin to the sky is envisioned.