- The Bit Torrent-New token was currently at $0.0000007424 with an increase of 1.46% during the intraday trading session.
- The 24-hour low of BTT was $0.000000725 and the 24-hour high of BTT was $0.0000007439.
- The current Bit Torrent-New token price is below 100, and 200-Day EMA.
The pair of BTT/BTC was currently trading at 0.000000000031 BTC with a dip of 0.16% over the intraday trading session.
Bit Torrent-New price analysis suggests that it is currently in a consolidation phase. 2022 can be said to be a very chaotic year for the token because of the steep decline of the token from the start of the year. Bulls tried to prevent this from happening but sellers have taken over the market and pushed the token downwards. Then bulls again came to the rescue of the token from falling below its primary resistance but failed and sellers pushed the token below its primary resistance which can be seen on the chart as the token was trading near its primary support near the end of the year.
After the start of 2023 bulls tried to push the token upwards but failed as sellers were already in majority in the market and because of this the token since then has been consolidating between its primary resistance and support. This shows that both bulls and bears are in a stalemate in the market and no one has the upper hand.
The volume of the coin has decreased by 1.88% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. This shows that sellers are trying their best and there is no relationship between volume and the price of BTT, which represents a weakness in the current bullish phase and a possible reversal.
The technical analysis of Bit Torrent-New
RSI is increasing in the oversold zone and is showing signs of a positive crossover which indicates that the buyers are coming in the majority and pushing BTT upwards. This suggests the strength of the current bullish trend. The current value of RSI is 52.74 which is above the average RSI value of 51.91.
The MACD and the signal line are stranded at 0 value over the daily chart which does not provide any evidence to support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Bit Torrent-New price analysis suggests that the token is currently in consolidation. 2022 was a very chaotic year for the token as there was a very steep decline in the price of the token. Sellers dominated the market forcing the token to remain below its primary resistance. The decrease in volume shows the lack of confidence in traders toward the token. RSI has shown a positive crossover which suggests that the token may enter the bullish phase but MACD does
not show any evidence of this over the daily chart, as per the technical indicators. Traders should wait for any significant move over the chart before entering the market.
Technical Levels-
Resistance level- $0.00000084 and $0.00000123
Support level- $0.00000065 and $0.00000059
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.