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Bittorrent Price Analysis: BTT Hit All-Time low.

Bittorrent Price Analysis: BTT Hit All-Time low.

AlenaAugust 1, 2023 10:05 am
  • Bittorrent (BTT) is currently trading at $0.00000048 with a rise of -1.11% in 24 hours.
  • Bittorrent (BTT)’s live market cap is $449,409,068.
  • Bittorrent (BTT)’s 24-hour volume is $12,400,712 which rose by -8.44% in 24 hours.

Introduction 

BitTorrent (BTT) is a cryptocurrency developed for decentralised file sharing that runs on the Tron blockchain. It encourages users to give their bandwidth and resources to the BitTorrent network. BitTorrent, which began as a peer-to-peer file sharing technology, incorporated BTT to incentivize users to share and participate in the network.

Users can benefit from faster download and upload speeds, access premium content, and participate in token-based services within the BitTorrent ecosystem by utilising BTT. In addition, the token supports transactions and incentivizes relationships among users, content creators, and service providers.

Trend Analysis

Based on recent price movements, it seems clear that Bittorrent (BTT) is in a long-term slump. Bittorrent (BTT) has had a severe fall of -31.4% during a four-day period, suggesting extreme underperformance. Since its IPO, this decline momentum has been seen, and the price of BTT is now nearing new all-time lows. Given these reasons, there is a possibility of greater deterioration in the future.

Bittorrent (BTT) Price Analysis

Bittorrent Price Analysis: BTT Hit All-Time low.
Source: Bittorrent (BTT)/USD.1W.MEXC by TradingView

EMA: On a daily basis, Bittorrent (BTT) is currently trading above both the 20-day and 50-day Exponential Moving Averages (EMA), indicating a bearish indication. This implies a decline in momentum for Bittorrent (BTT), implying a bearish outlook.

MACD: MACD (-0.000000002), which signifies a negative signal, is currently below the signal line (-0.000000003) on a daily basis. As a result, the price of BitTorrent (BTT) is expected to fall further in the near future.

RSI: The RSI is currently 34.66, and the 14-day simple moving average (SMA) is around 36.89, just above the median. Both of these numbers point to a pessimistic market tendency.

Volume Analysis: Bittorrent (BTT) traded at $12.400,712 in the previous 24 hours, representing a – 8.44% gain. The increase in trade volume reflects a drop in BTT market activity.

Technical Levels

  • Support – The current support level of Bittorrent (BTT) is $0.00000025.
  • Resistance -The current resistance level of the Bittorrent (BTT) is $0.00000057.

Conclusion 

To summarise, when looking at the daily period, the technical indicators for Bittorrent (BTT) show a negative future view. The RSI and MACD are both displaying negative signs, and the price of Bittorrent (BTT) is currently below the Exponential Moving Average (EMA), which is considered a negative indicator. As a result, there is a chance that the price of Bittorrent (BTT) will continue to fall in the near future.

Disclaimer

The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss. 

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