- During the last 24 hours, the BitTorent token witnessed a huge surge in trading activity.
- The BTT Price traded 150% above its all-time low price at press time.
BitTorent (BTT) price correlation with Bitcoin was certainly low, resulting in 0.6. Also, the Bid-Ask imbalance of the token was bullish at 9.0% at the time of writing.
The BTT crypto market cap was worth $878.865M, making it the 66th largest cryptocurrency in the global crypto market. BTT price today traded at a level of $0.0000009073, after an advance of 8.3% in the last 24 hours.
Moving towards BTT price prediction, a strong surge in the trading activity was recorded. This was followed by a huge surge of 255% in the token’s traded volume. This indicated a huge demand of the token in the crypto market.
The rise in the volume also led to medium liquidity as the token’s volume/market cap ratio was 6.5%. Despite this, the token’s price was highly volatile with volatility of 8.88%.
One of the good factors of the token was a very low supply inflation of 1.77%. Moreover, market cap dominance was 0.04%, and a bullish price sentiment in the crypto market.
Bulls and Bears Appears to Be Struggling in BitTorent Token
The BitTorent derivatives recorded a huge advance of 480% in the last 24 hours. This showed that traders were interested in the token’s derivatives, following a huge demand in the global crypto market.
On 27 August 2024, longs worth $10.35K were liquidated, while short liquidation was worth $198.0. This exhibited bears’ dominance in the BTT price.
Following the most recent liquidation data, we can see that longs worth $2.45K were liquidated in the last 24 hours. This was followed by a short liquidation of $2.77K. The aforementioned data showed the closer amount of liquidations in price, which exhibited a volatile scenario in the price.
BTT Price Trading at Interesting Levels; What’s Coming Ahead?
The overall price structure of the BTT crypto was bearish for a long time, but the recent price action shows a change in character.
On 5th March 2024, a swing high of $0.0000021973 was formed, and the token price started to witness profit booking. This led to a decline of 70% in the token price and the formation of a falling wedge pattern.
The token’s most recent price action showed a breakout above the wedge pattern. Additionally, the price resisted a strong resistance level of $0.0000001030 and struggled to break above the same level.
If the BTT price breaks above the resistance mentioned above with strong volume, it will confirm a bullish trend.
Do Technical Indicators Also Hint Toward a Trend Change?
While the 50-day and the 200-day EMAs traded in a death crossover, the BTT token price broke out above the 50-day EMA. This showed a possibility of change in token’s trend.
BTT/USD Chart by TradingView
The MACD indicator gave a strong buy signal as the MACD and the signal line traded in a golden crossover. Moreover, the metrics traded in the bullish trajectory, followed by the formation of bullish histogram.
The RSI broke out above the 14-day SMA and traded at a level of 60.3. This showed strength in the token’s price momentum, which might help the price in advancing to higher levels.
The BTT crypto price might take support at the level of $0.000000650 and $0.000000750, and it may face resistance at $0.00000120 and $0.000001690 levels.
Disclaimer
This article is for informational purposes only and does not provide any 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.
