Top Reasons Why The BitTorrent (BTT) Price Is Up Today!

The post Top Reasons Why The BitTorrent (BTT) Price Is Up Today! appeared first on Coinpedia Fintech News

Following the announcement of Justin Sun’s Tron token achieving 200 Million users on its base, the BTT price displayed massive price movement as the price recorded a jump of over 82% during the early trading hours today.

Further, the BitTorrent (New) price breached $0.000001 for the first time since May 2022.

The BitTorrent price traded in a consolidated range between $0.000004491 and $0.000005121 for over a month, indicating a disinterest of the investors in the token. 

TradingView: BTT/USDT

During the early trading hours, the price gained significant bullish sentiment, resulting in the price breaking out of the resistance level and displaying a jump of a massive 80% in value.

The BTT price then faced rejection at $0.000001260, following which the price experienced a correction of 31% and has been trading in a consolidated range between $0.0000008589 and $0.0000010339.

The Moving Average Convergence Divergence (MACD) displayed a constant flatline for over a month, indicating weak buying and selling pressure for the coin. Recently, the price gained momentum and recorded a massive price action, resulting in the histogram shooting high.

Will BTT Price Go Up?

If the bulls hold the price above the support level of $0.000008589, the price will regain momentum and prepare to test its resistance level of $0.000010339.

Further, if the market maintains the price at that level, it will continue to rise and test its upper resistance level of $0.00001260 in the coming days.

Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.000008589.

Moreover, if the bears continue to dominate the market, it will plunge further and test its lower support level of $0.000005121 by the month-end.