BitTorrent (BTT) has embarked on an uptrend after suffering from major market corrections. BitTorrent (BTT) stands at a price level of $0.0085, at the time of writing. The price of the cryptocurrency has gone up by 20% while the daily trading volume of BTT coin has also increased by 200%. BitTorrent has a market ranking of thirty-one in term of capitalization. BTT coin had established its all-time high at $0.01. The market for BTT crypto turned bearish after the all-time high was formed.
BitTorrent (BTT) technical analysis
Currently, the market sentiment for BitTorrent crypto is bullish. Out of the 26 technical indicators, ten are standing at a neutral position while sixteen are giving out a buy signal with zero sell indications. The oscillators are majorly neutral while leaning towards buy. The moving averages are strongly bullish.
A trader has established strong bullish momentum for BTT crypto in their BitTorrent price prediction. Per the analysis, BTT coin had emerged out of an ascending channel formation amidst increased bullish divergence and has formed a triangle pattern. The recent price developments have turned the support-turned-resistance zone back into a strong support for the cryptocurrency. Breaking the support-turned-resistance has validated the bullish pressure on the cryptocurrency. Now, with the resistance level acting as major supporting zone, BitTorrent crypto is expected to go even higher. A break out from the triangle has also been confirmed. The trader has set a price target at $0.01 for the cryptocurrency.
What is BitTorrent (BTT)?
BitTorrent is one of the most popular peer-to-peer file sharing platform and torrent. BitTorrent has been becoming increasingly decentralized over the years. The platform was acquired by Tron Foundation – the organization behind TRX crypto – in 2018. Justin Sun, the founder of Tron, has an ambitious plan for BTT. The native token of the platform has been surging in the bull run and has climbed up the market ranks.