Bittorent Price Prediction: BTT Needs Stability Above Weekly Resistance Level For Uptrend

Summary:
• Bittorent price has been sending mixed signals over the past two weeks. What are its near-term prospects? We assess the odds.

Seven days ago, the Bittorent token price was on an uptrend. The coin showed indications of a reversal following losses in the first week of April. However, BTT has been choppy over the past five days, ranging between a high of $0.000002 and a low of $0.000000181. Today, Bittorent price opened at $0.0000019 and had risen to a day-high of $0.0000020. Based on this trend, a resistance seems to have been established at $0.0000021, and a break above this point will be essential to a sustained uptrend.

BTT price fundamentals

BTT performs a function whose user base is estimated to be at 150 million. Furthermore, the platform offers a unique service by facilitating the faster download of files. BTT has a well-defined role with proven market demand based on this background. Therefore, it is highly likely that the platform will only grow its numbers as time goes by. Also, the fact that its ICO hit its funding target in 15 minutes is a testament to its attractiveness to investors.  

However, in as much as Bittorent has a strong user base, it has to figure out how to retain its users. Typically, the platform’s users disconnect from it once they obtain the file(s) they need. As a result, it is estimated that only about 14% of its users are repeat users. Also, this leads to reduced download speeds.

Therefore, Bittorent needs to develop incentives to encourage more users to continue using the platform even after downloading the files they need. It is now rewarding users who participate in other users’ file distribution with BTT. That seems like a viable plan, but it remains to be seen how effective it is.

Bittorent Price Prediction

Bittorent price is in a relatively strong momentum, with the 25-EMA above the 50-EMA. That makes a strong case for further gains in the near term. However, the BTT price will need to stay above $0.0000019 for it to have a shot at breaking above the weekly high of $0.0000021. Also, such a move could potentially create a stable uptrend. Conversely, if the momentum reduces, support will likely come at $0.00000189. A slip below this level to $0.00000183 will invalidate the bullish view.