The BitTorrent price has been a star performer over the last three weeks. But can BTT extend on the 180% rally, or is a correction overdue?
On the 20th of July, as Bitcoin grappled with the $30,000 support, BitTorrent (BTT) was languishing at $0.00175. Since then, the market leader has jumped 50% and, at the same time, catapulting BTT to $0.00500. As a result, the file-sharing platform is climbing up the coinmarket.com league table.
BTT’s current market cap of just over $3 billion ranks it as the 41st-largest cryptocurrency. This is quite an achievement, considering the Token was close to dropping out of the top 50 recently.
BitTorrent, of course, is a famous peer-to-peer (P2P) file-sharing platform which was bought out by Justin Sun’s TRON (TRX) network in 2018. And for much of the time that followed, BTT hardly set the world alight. However, following this year’s stellar start, BTT gained 3,000%. Although, since peaking in April at $0.01244, it lost 86% of its by June.
This brings us to the current situation. Despite an impressive run in the last three weeks, the BitTorrent price will need to put on another 150% to equal this year’s high. And while there are no signs this is imminent or even possible, the outlook is fairly rosy.
BTT Price Forecast
Encouragingly, the daily chart shows the BitTorrent price is now above the 50, 100 and 200-day moving averages at $0.00276, $0.00361 and $0.00370, respectively. Furthermore, the 100 and 200-day averages are tightly bunched, creating robust price support above $0.00360. This becomes the first and most important support level.
Additionally, the Relative Strength is trending higher. However, the reading of 70.65 signals the rally is stretched and may soon exhaust. Notably, the trading volume does not support a sustainable increase and indicates a lack of buying conviction.
Although for the moment, the outlook is positive. And should the rally continue, the 38.2% Fibonacci retracement from the April high, at $0.00538, looks a likely destination.
This view remains relevant as long as BTT maintains the $0.00360 level. However, a close below invalidates the bullish call and suggests the rally has failed.
BitTorrent price chart
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