The BitTorrent price has recorded a massive jump over the past day, indicating an increase in the demand for the coin. Further, the BTT price has added over 36% within the past 24 hours, successfully making it the top gainer of the industry for the day.
The BTT price traded in a closed space between $0.0000011475 and $0.0000012348 for a short period, following which the bulls lost momentum, resulting in a price breakdown. After this, the price traded between $0.0000009644 and $0.0000011475 for almost three weeks.
The bulls struggled to hold the price above the support level, following which the BitTorrent price started trading under a bearish influence. The BTT coin price lost approximately 27.5% in value in just two days.
After this, the price traded sideways for a while and as the market volatility grew, the price successfully broke out of the resistance level and recorded a jump of over 21%. Following this, the price once again started trading under a bearish influence and erased all its gains from the pump.
The price then traded sideways for a brief period, indicating a weak price action for the coin in the market. Recently, the bulls regained momentum and recorded a massive jump of over 52%, following which the price faced rejection and experienced a correction of 10.5% in valuation.
Will BTT Reach 1 Cent?
The Relative Strength Index (RSI) shows a sharp rise in the chart, highlighting a massive ongoing price action in the market. Further, the averages show a bearish curve, suggesting the price could undergo correction soon.
If the bulls hold the price above the support level of $0.0000010603, the BTT price will regain momentum and test its resistance level of $0.0000011475 soon. If the market continues to display a bullish trend, it will rise and prepare to test its upper resistance level of $0.0000012348.
Conversely, if a trend reversal occurs, the market will lose momentum and fall to test its support level of $0.0000009644. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.0000008889 in the coming time.
