The BitTorrent price has bounced back. The BTT price has jumped by more than 20% in the past 24 hours, bringing its total market cap to more than $5.6 billion. It has also risen to become the 31st-biggest digital currency in the world.
What happened: BitTorrent has bucked the trend. While many cryptocurrencies like Ethereum and Bitcoin have declined, it has risen for the past three consecutive days. This is partly because of investors who have been buying the dips and the overall activities in the BitTorrent network.
Also, the rally is likely because of the recent deal made between Tron and Maker DAO. The deal will see the two networks increase their partnerships going forward. This is notable since BittTorrent is owned by Tron, which was started by Justin Sun.
BitTorrent price analysis
In my last article on BitTorrent, I noted that it had formed a bullish flag. In technical analysis and price action, this pattern is usually a bullish signal. This week, the bullish breakout happened and was followed by the three white soldiers pattern. At the same time, the price is being supported by the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has turned upside.
Therefore, with momentum building, I suspect that the price will keep rising as bulls target the April 17 high of $0.0109, which is 30% above the current level. On the flip side, a drop back to the flag pattern at $0.0068 will invalidate this trend.
Please don’t consider this investment advice. Views expressed here are those of the writer and the writer and InvestingCube will not be held liable for any losses.