BitTorrent was founded to disrupt the entertainment industry and change how consumers access the content.
The main goal was inefficient and expensive distribution networks. Bram Cohen, the original developer of Bram Cohen, saw benefits in allowing internet users to distribute content directly among themselves. It was the most popular P2P file-sharing platform in the 2000s. Then, TRON came along in 2018.
Under TRON, BTT increased its appeal to people interested in cryptocurrency and decentralized solutions.
Speed is one of the additional features. It uses the BTT token to fund its operations. It also offers paid services. In addition, it has several premium versions of its platform that include VPN capabilities and ad-free browsing.
Currently, the BTT coin price struggles to increase above $0.0005 as the price retraces back to the support trendline. The support trendline might push the higher to the resistance level. Thus, resulting in an ascending triangle pattern.
Last week, the BTT token price saw a fall of 15.83%. However, the pushback from the bulls led to the formation of long-tail formation. Thus, projecting the fightback from the underlying bullishness.
Source - Tradingview
At the time of writing, BitTorrent coin price is trading at $37.52 with a rise of 15.65% in the past 24 hours. The overpowered uptrend has broken out of the rising parallel channel thanks to the tremendous rise in buying pressure.
Source - Tradingview
BTT token price trades between the range of $0.0035 to $0.0050. The breakout of this range will set up the future trend.
As per the pivot points, the coin price may find resistance near $0.0050 and $0.0075. And the support levels are at $0.0035 and $0.0020.
The exponential moving averages of 50, 100, and 200-days trend sideways, providing support to the consolidating prices. 100-day EMA struggles to push the price higher. However, the 200-day below the 100-day EMA might be able to push them higher if the prices fall.
RSI indicator falls as the prices consolidate. Thus, giving rise to the bearish divergence pattern. This divergence may cause a fall back to the support trendline, before finding the bullish demand.
As per the Bittorent Technical Analysis, the cryptocurrency may see a downfall back to the support trendline. However, the support trendline is a strong demand area that can push the price higher. Investors must wait till the consolidation phase comes to fruition.