- The BTT token price obtains strong support from the 200-day EMA
- The BTT/BTC pair trading at 0.00000005936BTC, with a gain of 1.38%,
- The 24-hr volume of BTT tokens are $507.1 Million, indicating a 21.51% loss
As mentioned in my previous article on BitTorrent, the token price bounced from the crucial support of $0.003 and showed an impressive V-shaped recovery in its technical chart. This new rally made it to the next significant resistance of $0.0044, after which it dropped to the nearest support of the $0.0035 mark. However, the price is still trying to obtain proper support from it.
As per the crucial EMAs, the BTT token still maintains its uptrend as its price trades above the 200 EAM line.
The RSI value is 49, indicating a neutral to slightly bearish sentiment for BTT tokens.
The BTT Token Price Trapped Inside A No-trading Zone
For almost two weeks now, the BTT token price has been resonating between $0.0038 and $0.00356, creating a narrow range in its chart. This small range is a no-trading zone for crypto traders; however, once the price breaks out from either of its levels, the ZEC trade will have a better confirmation for the price movement. The BTT token is currently trading at $0.00364 with an intraday loss of 0.24%.
Respecting the coin’s current price action, the MACD indicator shows the MACD and signal lines are also wobbling around the neutral zone (0.00), indicating the neutral momentum in the token.
Conclusion: The short-term trend for the BTT cryptocurrency remains bearish. However, in its recovery phase, the coin price reclaimed the $0.035 mark and is currently trying to obtain proper support from it. Thus, if the coin price bounces from this support level and breaches the overhead resistance for its short range. The coin shows a good possibility of starting a new rally.
Support $0.00365
Resistance $0.0038