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- BTT price is currently on a bullish move with an intraday gain of 31.38%.In contrast, the BTT/BTC pair is also on a bullish move, with an increase of 31.6%
- There is no fundamental catalyst behind this move. One can say that positive sentiment towards the NFT could be the reason behind it.
BitTorrent is a peer-to-peer network for file sharing, which has become increasingly popular in recent years. BTT was formed in 2001 and purchased by TRON in 2018. Downloaders can use the BTT token to reward the uploaders in exchange for faster download speed. By introducing an incentive to earn BTT tokens, uploaders have a reason to seed files longer and dedicate more of their bandwidth and storage to other torrent clients in the network. This incentive mechanism has made BTT more decentralized. BTT Price projects a higher growth rate.
The recent rally in the price of BTT is not supported by any fundamentals. Considering BTT as a part of TRON, the positive sentiment around NFTs and the focus of Justin Sun on the NFT market may have had a positive effect on the value of BTT. This positive sentiment has pushed the market of BTT above $5B and rising for more.
Technical Indicators Hints A Halt In Bull Rally For BTT Price
The weekly technical chart of BTT price suggests bullish momentum. BTT price has seen a gain of 2385.00% in the last three months. BitTorrent price is trading above 50 and 100 Moving Average. The 50MA line is at $0.0022, making it temporary support for the coin. Resistance for the coin on going upside will be at $0.0085.In contrast, the bounce back for the coin can be seen at $0.006. BTT price has been following a semi arc path in the shorter time frame of the 4-hr chart.The BTT/BTC pair can also see a positive trend in the upcoming days.
RSI(Neutral): It is currently at 81.79, showcasing its presence in the overbought zone. There is no significant slope formation in the RSI, which hints at a neutral momentum. The overall sentiment of the RSI is Neutral.
Conclusion
BTT has seen a significant gain in the past and continues it for the upcoming days. Bittorent price projects a growth up to $0.1 in the forthcoming days. An Investor should do their due diligence before investing.
Technical Levels
Major Support:$0.006
Major Resistance:$0.0085
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
