BitTorrent (BTT) Fails Badly to Cross Immediate Resistance!

Unlike the high flowing ERC-20 token that signifies Ethereum’s fungible token creation service, the BitTorrent platform created its cryptocurrency named BTT as a TRC-20 token. BitTorrent Foundation was acquired by the TRON foundation in 2018, after which the BTT was created and launched to the public in 2019 through an ICO. BTT cryptocurrency now serves as the means to access the features offered by the BitTorrent platform.

BitTorrent has launched a host of features, which includes torrent downloaders for Web, Classic, and Android. It is simultaneously working on a decentralized file sharing protocol accessible by using the BTT token, faster downloading, and BTT rewards from its BitTorrent Speed.

BitTorrent has recently launched its BitTorrent File System to support a scalable decentralized file storing system to accommodate dApps. The host of new launches and live broadcasting features put BTT on the growth path that could dominate the markets. While there are a few competitors in different arenas, the power of decentralization and blockchain will surely allow this platform to scale and grow in the coming time. 

BitTorrent is ranked #54 with a market capitalization of $816,661,067, close to its entire supply in circulation. The entire supply of BTT tokens stands at 990,000 billion, and such a high volume would allow for cheap file transactions. 

BTT token entered a negative trend since the launch of this token on prominent platforms during the initial days of the crypto winter. Resulting in a significant decline by the end of May 2022. The technical indicators have showcased consolidation that brings high hopes of upside movement in the coming days. Will there be an uptrend in the BitTorrent price? Click here to know!

BTT Price Chart

BTT price soars to its low at $0.00000070, marking a tremendous decline from its launch value. The following buying sentiment displayed by holders created a better environment for the token value to get out of the bearish sentiment. At present, BTT tokens improved decently, but sudden spikes of price action witnessed in July created a negative impact on the token, enforcing a profit booking in just three days.

Since this price action has been respecting the trendline formed since May 2022, there are hopes of retracement to better levels. The bearish candle, followed by the next red candle, destroyed the hopes of a bull run. The BitTorrent prices would have to consolidate above the immediate resistance of $0.00000096 to mark the beginning of a bull run. 

Traction volumes for BTT tokens are very low because of their high supply volumes. But RSI has shown some strength compared to the May 2022 levels. Hence, for enthusiastic buyers, BTT could be a prospective token capable of scaling to new and unsaid heights.

The immediate outlook has already triggered bearish crossover by MACD, and hence a reversal with the creation of bullish crossover will be highly beneficial for the BTT holders.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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