The overall market trades in the green today. Bitcoin is up by 2.46 percent while Ethereum by 5.88 percent. The rest of the altcoin market follows this pattern with Binance Coin (BNB) being among the best performers. BitTorrent price is currently showing positive sentiments that can lead to a major rally.
Big Move Coming For BTT Price
Here’s a quick look at BTT 4 hr chart. as we can see, the price is very close to a breakout from the symmetrical triangle. If the price breaks to the upside, it will run hard. The altcoin is also poised to surge 30x Soon.
BTT is forming a symmetric triangle following the recent market crash and is already breaking out of it. The Bittorent Platform will commence the initial airdrop after the snapshot on June 10, 2021, at 12:00 ( UTC ). We can expect BTT Price to reach 0.0082.
BTT will hold an airdrop in June. The snapshot for it will be taken on June 10, in which all addresses holding BTT will receive a non-fungible token (NFT) airdrop.
BTT has been decreasing inside a massive descending wedge since reaching an all-time high, on April 5. The wedge is considered a bullish reversal pattern. In addition, it has bounced at the $0.0035 support area.
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.
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.
Resistance: $0.005537
Support: $0.0049 and $0.0046
RSI(14): 55
MACD: Bullish
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Source: https://coinpedia.org/price-analysis/bittorrent-token-btt-price-analysis/
