BitTorrent Price Jumps Big! Will BTT Price Hold Its Gains Or Plunge?

The post BitTorrent Price Jumps Big! Will BTT Price Hold Its Gains Or Plunge? appeared first on Coinpedia Fintech News

The BitTorrent price has recorded a massive jump over the past day, indicating an increase in the demand for the coin. Further, the BTT price has added over 36% within the past 24 hours, successfully making it the top gainer of the industry for the day.

The BTT price traded in a closed space between $0.0000011475 and $0.0000012348 for a short period, following which the bulls lost momentum, resulting in a price breakdown. After this, the price traded between $0.0000009644 and $0.0000011475 for almost three weeks.

TradingView: BTT/USDT

The bulls struggled to hold the price above the support level, following which the BitTorrent price started trading under a bearish influence. The BTT coin price lost approximately 27.5% in value in just two days.

After this, the price traded sideways for a while and as the market volatility grew, the price successfully broke out of the resistance level and recorded a jump of over 21%. Following this, the price once again started trading under a bearish influence and erased all its gains from the pump.

The price then traded sideways for a brief period, indicating a weak price action for the coin in the market. Recently, the bulls regained momentum and recorded a massive jump of over 52%, following which the price faced rejection and experienced a correction of 10.5% in valuation.

Will BTT Reach 1 Cent?

The Relative Strength Index (RSI) shows a sharp rise in the chart, highlighting a massive ongoing price action in the market. Further, the averages show a bearish curve, suggesting the price could undergo correction soon.

If the bulls hold the price above the support level of $0.0000010603, the BTT price will regain momentum and test its resistance level of $0.0000011475 soon. If the market continues to display a bullish trend, it will rise and prepare to test its upper resistance level of $0.0000012348.

Conversely, if a trend reversal occurs, the market will lose momentum and fall to test its support level of $0.0000009644. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.0000008889 in the coming time.