The BitTorrent price upward momentum has faded. The BTT price is trading at $0.00759, which is 45% below the all-time high (ATH) of $0.0135. Its market cap has also dropped to more than $5.13 billion. It has also moved from the top 20 cryptocurrencies and is now ranked at 26, according to data compiled by CoinMarketCap.
The background: BitTorrent is an old company that has turned itself around. It was established in 2004 to provide peer-to-peer file-sharing services. To date, it is one of the biggest names in the torrenting industry. It was recently acquired by Justin Sun, the founder of Tron.
In fact, the BitTorrent Coin was the biggest blockchain project to be launched on the Tron network. The goal was to offer an incentive for people to be rewarded for sharing their space. When they do that, they are rewarded using BTT, which they can convert into money.
The BTT price has surged recently as more people get involved in the network. This year alone, it has surged by more than 2,600%, becoming one of the top performers. In April, it has surged by more than 70%. However, recently, it has suffered during the crypto sell-off after Coinbase went public.
Turning to the daily chart, we see the remarkable rise of the BTT price. We also see that this uptrend has eased recently. The price has also formed a bullish flag pattern that is shown in black. Also, it has moved slightly below the 25-day moving average.
Therefore, in my view, I expect that the BitTorrent price will soon rebound. Furthermore, the flag is usually a bullish continuation pattern. This pattern will be confirmed when the price manages to move above the upper side of flag pattern. However, a drop below the lower line will lead to a decline possibly to $0.004.
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