BitTorrent's native token (BTT), powering the decentralized peer-to-peer (P2P) file-sharing platform, emerged as a top-gaining altcoin in the past 24 hours, rising by 4%.
While this uptick may reflect renewed interest in the token and potential shifts in market sentiment, BTT's price chart signals an impending correction.
BitTorrent Lacks Bullish Momentum to Extend Rally
BTT's price surged 4% over the last day, trading at $0.00000111 at press time, accompanied by rising trading volume.
However, despite the price increase, BTT's Aroon Up Line currently sits at 0%, indicating weak momentum for the uptrend. The Aroon indicator measures trend strength and direction by tracking the time since an asset's highest high and lowest low within a set period.
👉 Discover how Aroon indicators work
When an asset's price rallies while its Aroon Up Line is at 0%, it suggests that despite upward price movement, bullish momentum remains frail. The Aroon Up Line evaluates how recently an asset achieved a new high within a specified timeframe. A 0% reading implies no new highs were reached during the observed period.
BTT's Moving Average Convergence Divergence (MACD) reinforces this bearish outlook. At publication, the token's MACD line (blue) hovered significantly below its signal line (orange).
The MACD indicator identifies price trends and momentum, helping traders spot potential buy/sell signals via crossovers between the MACD and signal lines. In BTT's case, the MACD line below the signal line hints at bearish conditions, signaling potential price declines. Traders often interpret this crossover as a sell signal.
BTT Price Prediction: Token Eyes Critical Support, But Bulls Could Push Further Gains
BTT's daily chart shows it trading above a crucial support level at $0.00000093**. If selling pressure intensifies, the token could retest this level. A bearish breakout might extend declines toward **$0.00000067, last seen in August.
Conversely, if buying momentum strengthens, BTT could resume its uptrend, targeting resistance at $0.00000114**. A breakout above this level may propel the token toward **$0.00000128.
FAQs
What is BitTorrent (BTT)?
BTT is the native cryptocurrency of BitTorrent, a decentralized P2P file-sharing platform. It incentivizes network participants for sharing bandwidth and resources.
Why did BTT's price recently rise?
A 4% surge in 24 hours suggests short-term bullish sentiment, though technical indicators warn of limited momentum.
What key levels should traders watch for BTT?
Critical support: $0.00000093
Key resistance: $0.00000114
👉 Learn more about trading strategies
Disclaimer