This Is Why BTT Price Could Shed Recent Gains
BTT, the native token powering the decentralized peer-to-peer (P2P) file-sharing platform BitTorrent, has gained 4% in the past 24 hours, making it the market’s biggest gainer.
However, while this rise may reflect renewed interest in the coin and a potential shift in market sentiment, the BTT price chart readings hint at a near-term correction.
BitTorrent lacks bullish momentum to extend rally
The price of BTT has climbed It increased by 4% in the past 24 hours. As of this writing, the altcoin price is at $0.00000111 and trading volume is increasing.
However, despite the price increase, BTT’s Aron Ascending Line currently stands at 0%, indicating that the uptrend lacks strong momentum. The Aroon indicator for an asset measures the strength and direction of a trend by evaluating the time since the highest and lowest lows within a specified period.
When an asset’s price is rising and the Aron Ascending Line is at 0%, it indicates that although the price is trending higher, there is no strong bullish momentum in the near term. The Aron Uptrend indicator measures when an asset reaches new highs within a specific time frame. A value of 0% indicates that the asset price has not reached a new high during the specified period.
BTT’s Moving Average Convergence Divergence (MACD) supports this bearish outlook. As of this writing, the coin’s MACD line (blue) is significantly lower than its signal line (orange).
The MACD indicator for an asset identifies the trend and momentum of its price movements. It helps traders discover potential buy or sell signals through the crossover between MACD and signal lines. As is the case with BTT, when the MACD line is below the signal line, it indicates a bullish trend, indicating that the asset price may fall. Traders often view this crossover as Potential sell signal.
BTT Price Prediction: Coin Eyes Key Support, But Bulls May Push Further Higher
According to the daily chart, BTT is currently trading above the key support level at $0.00000093. If the sell-off intensifies, the coin’s price may test this level. If the bears overwhelm the bulls, BTT could extend its losses and plummet to $0.00000067, The lows last reached in August.
On the other hand, if buying pressure intensifies, BTT is likely to continue its uptrend and break above the $0.00000114 resistance. A successful move above this level could help the coin reclaim $0.00000128.
Disclaimer
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