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Most of the coins have recovered after a recent sharp drop in the market. It’s a relatively bullish start to the day for the majors. Steering clear of the day’s pivot levels would bring resistance levels into play.
Several altcoins gained over 10%, including NPXS, ONE, LUNA, SC, BTT, THETA, IOST, QTUM, CRO, CHZ, and OMG. Out of these, NPXS rallied over 40% and it cleared the USD 0.005 level.
BTT Price Analysis
The BitTorrent (BTT) price did not move much till February and since it had consolidated, rocketed from $0.000542 to $0.00164 in 24 hours. It also hit its ATH subsequently in the next 24 hours. Since then it has been on a roller coaster ride between strong support levels of $0.0011 and resistance levels just over $0.00197.
The ATH is acting up as a resistance level and the value has faced rejections multiple times. However, the monthly chart shows that the consolidation levels are bullish and are ready to break the descending tunnel pattern.
The resistance support levels have maintained the prices in a converging triangle pattern, pushing the prices to break out on the upper sides of resistance.
At the time of penning this article down, BTT was trading at $0.00185, just below the resistance levels with a 15% jumpp from the last 24 hours. The likely targets are going to be $0.0026 and $0.0035. With this rise, BTT boasts a market capitalization of $1,248,639,007 and trades of the last 24 hours exceeding $1,015,840,995 in value.
The RSI levels crossed 70 indicating an overbought zone, but at present, they are at a healthy 60 levels. MACD also indicates bullish momentum with the rise. This is a clear indication that if the currency sustains over $0.0018 levels for the next week, an upside momentum will follow.
The fibo charts indicate the consolidation levels at 0.618 and hence it will serve as a buy level for investors. It is also to be seen how the investors react to this rise, as many of the long-time investors may start booking profits.
- Resistance: $0.00197
- Support: $0.0011
- RSI(14): 60
- MACD: Bullish