BTT Price Has Triggered a Breakout: Could It Keep Surging Further

• The BTT price has increased by 35% in the past 3 days.
• BitTorrent crypto price given a breakout from a descending channel.

Based on the technical chart, the BTT price has gained momentum after the correction phase. At press time, the price has tinder gone into a correction phase, triggering a breakout that may lead to a bullish momentum. 

The BitTorrent crypto price was in a correction phase from December to February. However, it triggered a breakout and witnessed a strong buying pressure of 170% in less than a month.

The buyers were exhausted in the first week of March, and sellers took over the trend. Since March, the price has been declining through a descending parallel channel. However, the price has exceeded the 20-day EMA and extended to the 200-day EMA.

Massive Bullish Move on Its Way?

Based on a source on X, the BitTorrent price has bounced from the trendline. On a weekly time frame, the price has defended the last swing low and has formed a strong bullish candlestick. It is expected to have a strong bullish momentum starting next week.

Is BTT Crypto Ready to Drop One Zero?

A source on X claimed that the recent BTT price surge indicated BitTorrent’s presence in the cryptocurrency. When the BTT price started rising, it aimed to reduce one zero.

The further momentum may depend upon Bitcoin’s behavior, which is mildly bullish. In the last rally, the BTT price recovered by around 470%, which made buyers strong.

BitTorrent Price

At the time of writing, the BitTorrent crypto was being traded at $0.000000968 with an intraday gain of 5.65%. It has a market capitalization of $937.38 Million, and the 24-hour trading volume is $66.55 Million.

It has a circulating supply of 968,246,428,571,000 BTT, and the total supply is 990,000,000,000,000 BTT. The fully diluted market cap was $954.90 Million at the time of writing.

Technical Analysis of BitTorrent Price Over 1-D Timeframe

As per the chart, the BTT price has triggered a breakout from the falling channel. However, it has been facing resistance from the 200-day EMA. After the breakout, the price has gained 28% in less than 3 days.

Suppose the price manages to surpass the 200-day EMA; it might be a bullish sign. Exceeding the 200-day EMA would invite investors and may lead the trend further.

On the other hand, if the price faces resistance from the 200-day EMA, sellers may dominate further. Assuming the digital asset price slips below the 20-day EMA, the price may keep falling through the channel.

Turning to the technical indicators, the MACD has developed a bullish crossover with the Signal line. The histograms have turned green, which indicates the buyers’ interest.

BTT Price Forecast

Based on the technical analysis and recent price movements, BTT has experienced a significant breakout from a falling channel. It has indicated potential bullish momentum. 

The price has gained considerable ground in a short period. If it surpasses the 200-day EMA, it could attract more investors and continue the upward trend. 

However, further downside movement may be observed if it faces resistance at this level. The MACD indicator shows a bullish crossover, suggesting buyer interest. 

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Dr. Naveen Singh

Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.