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BitTorrent (BTT) is the new bull in the cryptocurrency market, creating ATH 3 times in a single month. In a market that is moderate to bearish and volatile, the BTT price is registering new highs. The token is also holding the higher levels, unlike other currencies. Its new ATH is $0.005537.
The Official handle of BitTorrent Inc. on Twitter announced the surge in the price and hitting the New ATH.
Technical Price Analysis of BitTorrent Token(BTT)
The BitTorrent token(BTT) price did not move much till February, and since it had consolidated. But after it broke out, it has continuously maintained its bull levels. The BTT price rocketed from $0.0039 to $0.005537 on March 31, with a 26.19% increase. It is also the ATH level of the currency.
The 30 minutes chart, monthly chart shows that the consolidation has started after the major jump, and appears to be bullish. It is obvious that after a sharp move, the HODLers would want to book profits. This will lead to consolidation for some time before the market decides the direction of trends.
The resistance support levels could not hold the prices registering a breakout. Although the bears tried impacting the prices to break out on the upper sides of resistance proved them wrong.
At the time of penning this article down, BTT was trading at $0.005115, just below the resistance levels with a 26.90% jump from the last 24 hours. The likely supports are going to be $0.0049 and $0.0046. With this rise, BTT boasts a market capitalization of $5,049,307,594 with the current supply of 989,980,422,741 BTT. The trades of the last 24 hours exceeded $4,698,451,798 in value with an increase of 186.35%.
The RSI levels crossed 80 indicating an overbought zone, but at present, they are at a healthy 55 levels. MACD also indicates bullish momentum with the rise. This is a clear indication that if the currency sustains over $0.0037 levels for the next week, an upside momentum will follow.
The Fibonacci 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.
Support: $0.0049 and $0.0046