Since getting redenominated, the BitTorrent token has added one more zero to its price as the number of tokens was increased to 10x. The market capitalization of this token has succumbed below USD 1 billion since its supply volume has increased. Compared to its February 2022 peaks after denomination.
BTT has become the native cryptocurrency of the BitTorrent ecosystem, which the user needs to use to access the network features. BTT is the only payment requesters need to pay to get into service agreements with content providers.
Based on its latest value of $0.00000088, BTT has a market capitalization of $831,285,543, ranking 54th. The outlook of this token based on its price action is discussed in the below-mentioned analysis section. Considering the factors behind re-denomination, BTT prices are expected to remain low as they would be used for paying transaction fees rather than turning into tokens of storage value.
As the primary work of this blockchain is to enable easy file sharing and offer torrent features, despite the decentralization attempt after its acquisition by TRON, BTT has become the largest P-to-P communications protocol.
BTT showcases a positive price action with transaction volumes increasing in the last few days. Momentum shares mixed sensations as buyers and sellers battle it out for the breakout pattern. Know more about the future BTT prediction here.
The individual candlesticks showcase more wicks on the upside than on the downside, indicating a profit booking sentiment carried over by buyers. Candle formation currently creates a negative trend since breaching the positive movement trendline on August 19, 2022.
The RSI indicator has now entered 40, but despite this indicator showcasing a negative outlook, the MACD indicator is trying for a bullish crossover. Currently, the most active resistance is seen developing at $0.00000106, while support is available at $0.00000070. There is a significant price difference between support and resistance. Hence, the price movement needs to surpass the 50 EMA to create a positive price action.
The weekly candles are repeating last week’s pattern but in a positive fashion. The candlestick pattern shows profit booking at every positive attempt leading to a fall in BTT values. Currently, support is available decently below the current values. The long-term price analysis since Feb 2022 has been negative, and BTT needs to surpass the 50 and 100 EMA to trade above $0.00000130 to present a positive bias to buyers.
Source: https://www.cryptonewsz.com/bittorrent-declines-significantly-from-august-2022-peaks/