BitTorrent is a peer-to-peer file sharing and torrenting platform which has become increasingly decentralized in recent years. It was released in the year 2001 and the blockchain platform Tron purchased BitTorrent in 2018. BTT was launched on Tron Blockchain and uses its own TRC-10 standard.
BTT price has been seeing a strong bearish momentum after forming a high at $0.000000915 level on April 19, 2023. The candle of April 19 closed with a long wick upwards, indicating strong rejection from the $0.0000009 level.
Recently, BTT price consolidated between the range of $0.00000058 and $0.00000061. The price then gained bearish momentum to break the support level of $0.00000061 and fell straight to form support at $0.000000525.
BTT price then again entered into a consolidation phase ranging between $0.000000525 and $0.000000542. The previous candle gained enough bearish momentum to break the recent support and the current candle has broken the lower wick of the previous candle.
BTT price is headed toward the $0.0000005 level which is also the all-time low, and it is also heading towards filling the lower wick of the June 10 candle. BTT price is just above its all time low. Bulls need to jump into the market to protect price from further downfall. If bears can push the price below the $0.0000005 level, the crypto currency price might head down toward the $0.00000045 level.
Will BitTorrent Break the $0.0000005 level?
BTT price is trading below the 20,50,100 and 200-day EMAs, indicating bearish momentum in the price. The Chaikin money flow score is 0.00, denoting that price is in a consolidation phase, but the price action shows that BTT price is in a bearish momentum.
This shows divergence in the price. RSI has entered into the oversold zone and is currently at 28.75, indicating a chance of short-term pullback or reversal in the price in the upcoming days. However, it is important to note that for any potential retracement to occur, the price must establish a support level. The bands of the bollinger have expanded, indicating rising volatility in the market. BTT price has been trading near the lower band of the bollinger since the start of June and has not shown any signs of reversal.
Conclusion
The market structure and price action are strongly bearish for BitTorrent price. The technical parameters are indicating that the price might witness a reversal in the upcoming days, but there are currently no signs of bullishness in the market. The market leaders, bitcoin and Ethereum, have been showing a declining trend, which has led to the downfall of altcoins.
Technical Levels
Major support: $0.0000005 and $0.000000450
Major resistance: $0.000000610 and $0.000000610
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/16/bittorrent-price-prediction-btt-price-shatters-recent-support/