The BitTorrent Price failed to capitalise on its gains at the start of the month and gave back almost 18% over the last two weeks. Subsequently, BitTorrent (BTT/USD) is back in familiar territory, grinding alongside the 50, and 100-day moving averages and in desperate need of a bullish catalyst.
Filesharing platform BitTorrent (BTT/USD) is trading at $0.003645 (+1.33%) up around 15% so far those month. BTT has struggled to replicate the impressive gains at the top of the crypto league table despite the gain. The total value of BTT in circulation is currently around $2.4 billion, ranking BitTorrent as the 60th most valuable cryptocurrency behind Celo. Over the last week, Bitcoin set a new record of $66,999, and Ethereum almost achieved the same. Despite this, BTT is struggling to clear significant overhead resistance. As a result, the token could be vulnerable to a 20% decline to $0.00300. That is unless the BitTorrent price climbs above the 100-DMA at $0,00368. If that happens, the bulls could muster the strength for another run at $0.00423.
The daily chart shows that BitTorrent is caped by the 50-DMA at $0.003681 and the 100-DMA at $0.003683. Furthermore, the 50-day has crossed below the 100, signalling increasing bearish momentum. As long as the BitTorrent price is below the DMA’s, the path of least resistance is lower. A logical target on the downside is the September lows around $0.00293.
On the other hand, if BTT hurdles the 50 and 100-DMA’s, it should extend towards the 200-day at $0.0422. Presently the downside looks favourable. However, considering the price is just below the moving averages, the bullish scenario could play out. On that basis, I’m bearish below $0.00368, with a $0.003- price target. However, a close above $0.00368 invalidates the bearish view.
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