BitTorrent price has been in a tight range in the past few days. The BTT coin was trading at $0.00000097, which was about 25% below the highest level this month. It has a market cap of more than $911 million, making it the 91st biggest cryptocurrency in the world.
BTT is the native token for the BitTorrent Chain, which is a leading blockchain platform owned by Justin Sun. It is a platform that enables developers to build applications in all industries like decentralized finance, non-fungible tokens (NFT), and games.
It has a heterogeneous cross-chain solution that allows interoperability between Ethereum, Tron, and BNB Chain. Further, it has faster transaction confirmation, with the average block time being between 2 to 3 seconds. Most importantly, it has lower transaction fees, with the average cost of a transaction being less than #0.01.
The BTT price has done well in the past few days as the number of transactions in the network has risen sharply. According to BTTScan, the number of transactions has jumped from 66k on July 10th to over 308k on Thursday. This is a sign that the network is gaining traction among users.
BitTorrent price forecast
Turning to the four-hour chart, we see that the BTT price has been in a slow upward trend in the past few weeks. Nevertheless, it has risen by more than 65% from its lowest level this year. This performance is in line with that of other cryptocurrencies like BTC and ETH.
It is consolidating along the 25 and 50-day moving averages and is slightly below the important resistance at $0.00000010. The Average True Range (ATR) has also tilted lower.
Therefore, the outlook for the BitTorrent price is neutral and will be dictated by other cryptocurrencies like BTC and XRP. A break above the resistance at $0.0000010 will signal that there are more buyers in the market and will be a bullish sign. On the other hand, a drop below the support at $0.00000090 will be a bearish sign.