The elite cryptocurrencies have displayed a neutral trend for a week as their respective prices continue to record minor price fluctuations. On the other hand, Midcap tokens have turned out to gain massive momentum as they have added a significant value to their prices during this week.
BTT price has overperformed the top coins in the short term by gaining over 12% in its value within a day.
Why Is BTT Price Pumping?
One of the reasons for the price pump of BitTorrent is assumed to be the announcement of the upcoming improved upgrade of the BitTorrent File System (BTFS).
BitTorrent engineers upgraded BTFS decentralization and advanced its performance indicators, which will help its users not only save their resources but also provide them with better firewall security to store their data.
The BTT price had experienced a plunge in its value during June, following which the price has been constantly dipped. The BitTorrent price traded in a consolidated range between $0.0000004586 and $0.0000005168 for over a month.
Following this, the price experienced a dip in value, resulting in it breaking down the support level. The BTT price then displayed constant price fluctuations.
It steadily kept losing value by recording a yearly low of $0.0000003645 during mid-October, following which the market gained momentum and the price surged and broke out of its resistance level of $0.0000004102 after more than two months.
Post announcement of the news, BitTorrent’s price experienced a jump of over 15% in value and achieved the $0.0000005500 mark but for a very short period as the price experienced a pullback soon after.
Will BitTorrent Price Hit $0.000000550 Mark Soon?
The MACD displays a rising green histogram for over two weeks, indicating a strong bullish influence in the market. Further, the averages show a constant rise, suggesting the price to continue gaining value in the coming days.
If the bulls push the price above $0.0000005168, the price will regain momentum and make a run to test its upper resistance of $0.0000005500 soon. Further, if the market continues to trade positively, it will prepare to test the resistance level at $0.0000005850 in the coming time.
On the flip side, if the bears come into power and overpower the bulls, the price will lose momentum and fall to test its support level at $0.0000004586 this week.
Moreover, if the bears continue to dominate the market, the price is bound to lose all its gains and test its lower support level of $0.0000004102 by the coming week.