The BitTorrent price is trading lower on Monday and looks set to extend the losses in the immediate future. BitTorrent (BTT) is down around 2.3% at $0.00333 this morning, increasing the 7-day decline to 12.53%. As a result of the recent weakness, BTT’s market cap has shrunk to $2.27 billion, ranking it the 70th-largest cryptocurrency behind Waves (WAVES).
Even though the total value of the crypto market reached a record $3 trillion this month, BTT has materially underperformed. At the current valuation, the BitTorrent price is trading at a 75% discount to May’s all-time high and 38% below the September high. The sluggish price action is, in some part, due to capital chasing the rallies in Layer-1 and Metaverse projects. As a result, the BTT token fails to attract investor interest and the new money needed to spark another bull run. Subsequently, the bearish momentum has increased in November, suggesting a slide below $0.00300 is on the cards.
The daily chart shows the BitTorrent price is trending lower beneath the 50,100 and 200-Day Moving Averages (DMAs). Furthermore, the 50-DMA at $0.00372 has crossed below the 100 at $0.00386 and is approaching the 200-Day at $0.00369.
I expect the downtrend to remain the dominant theme, which should push BTT towards the September low of $0.0030. However, a deeper sell-off could target the summer trough at around $0.00180.
The bearish sentiment should play out for as long as BTT remains below the 200-DMA. Therefore, a close above $0.00369 invalidates the pessimistic view.
This post was last modified on Nov 22, 2021, 03:16 GMT 03:16