- The BTT traction presses on, hits a fresh high at $0.0085 on bullish acceleration
- NFT positive sentiment boosts BitTorrent’s Value
The digital asset has experienced a significant shift in momentum in the past week in favor of the bulls. The BTT/USD spots a bullish breakout on the 29th of March 2021 and ever since remains on the buyers’ radar with an upside run for 7 days in a row.
BitTorrent (BTT) is a file-sharing protocol that can also be used to pay for decentralized storage services. It has a present market valuation of $8.30 billion with a circulating supply of nearly 989 billion tokens. At press time, with the price of $0.0079, BitTorrent has gained a past 2,000% since Dec. 2020.
Due to the current NFT positive sentiment on BitTorrent’s Value, decentralized data storage is gaining traction. Buyers of NFTs pay a large sum of money to obtain the NFTs of their choosing. If the NFT is lost for whatever cause, the buyer may suffer a significant loss. This is where NFTs benefit from decentralized storage.
Since BitTorrent token is a part of the Tron ecosystem, Justin Sun’s emphasis on the NFT market could have boosted BTT’s value.
BTT/USD Daily Chart: Bullish
The BTT peaked past the prior day’s high at the $0.0079 barrier on today’s strong rally and hit the highest levels in 7 days at the $0.0085 level. An eventual close above the former top at $0.0079 is a bullish signal for the final stretch towards the next layers of highs around the $0.009 and $0.010 levels. The overbought relative strength index (RSI) may cap rally for now (dat 90 reading), but the overall bullish setup of the daily chart remains supportive for further upside.
Corrective dips on overbought near-term analysis should be ideally contained above the rising moving average (MA 50). BTT may continue to shrug off sellers as repeated downside rejections above key resistance turned support and subsequent bounce at $0.0040 sidelined immediate downside risk.
However, the BTT/USD pair remains without clear direction while holding within the $0.0079/$0.0085 range. Near-term analysis along with bullish daily technicals turned near-term focus higher. A steady breach above the $0.0085 high zone is needed to signal a bullish continuation and open immediate target at $0.0090 and $0.010 levels.
- Supply Levels: $0.0100, $0.0090, $0.0085
- Demand Levels: $0.0079, $0.0060, $0.0046
Overall, the long bullish daily candle that was formed on the 2nd of April, supports a bullish scenario, while freshly formed prior day’s Doji candle is underpinning bearish action and caution for the bulls.