The TRON Foundation has announced that it will be revamping BitTorrent Live.
“BitTorrent Live was originally conceived as a television service…but this new iteration is designed as a social media application. The goal…is to create something competitive with Bytedance’s TikTok or SnapChat.”
In addition, BitTorrent airdrops monthly tokens to all BTT holders. On Mar 11, 990 billion tokens were airdropped. Another 990 billion will be airdropped on April 11 and so on.
Read More About BTT Airdrops Here!
SponsoredAs hype hits the new BitTorrent, prices have seen heavy volatility with rapid drops and spikes.
On Mar 18, the price made a high of $0.00088. Eight days later, it reached a low of $0.0007265 on Mar 26.
After the announcement of BitTorrent Live on Mar 27, prices began steadily increasing. At the time of writing on Mar 29, BTT appears to have made a temporary plateau at around $0.00077.
More significant price spikes were seen on Mar 11 when the last BTT airdrop occurred. The sudden spike, however, resulted in a drop to prior values on the same day.
It appears that the price of BTT may fluctuate based on qualitative factors that cannot be defined by trends and indicators alone.
BitTorrent Token (BTT): Trends And Highlights for March 29.
- BitTorrent Token has been on a gradual downtrend since Mar 18.
- BTT is trading inside a descending channel.
- It is trading below most moving averages.
- There is resistance near $0.00082.
- There is support near $0.00072.
Descending Channel
The price of BitTorrent (BTT) on Binance is analyzed at one-hour intervals from Mar 18 to Mar 29 to define its current trading pattern.
Sponsored SponsoredOn Mar 19, the price made a low of $0.00078. A sharp increase ensued, followed by a gradual decrease.
Several lower lows have been created since then. Tracing these lows gives us a descending support line:
The price reached a high of $0.00088 on Mar 18. It proceeded to close at $0.00085 during the same day. Several market cycles have been completed. The price has made numerous lower highs since.
Tracing these highs gives us a descending resistance line. The resistance and support lines combine to create a descending channel:
The price of BTT is likely to fluctuate between the resistance and support lines of the channel. This means that despite short-term highs—such as those seen on Mar 29—long-term price losses should be expected.
If BTT continues following the trading pattern defined, price losses should be expected as BTT drops toward the support line of the channel.
SponsoredTriggering The Signal
The moving averages plotted on the chart from top to bottom are: 200-period MA (purple), 100-period MA (black) and 50-period MA (green)
We can see that the price is trading below all three of them.
This confirms that BTT is currently in a downtrend and that price losses are likely forthcoming in both the short- and long-term.
Sponsored SponsoredFuture Movement
IIn order to better visualize possible future price levels, the price of BTT on Binance is analyzed at two-hour intervals from Mar 1 to Mar 29 alongside resistance and support areas.
The closest support area is found near $0.00072. Currently, the trajectory of the channel traced is aiming toward this area. It is likely that price will drop from resistance toward support and reach this level in the near future.
Resistance is traced well above the channel and is unlikely to be reached except in the instance of a massive spike—such as that which occurred during the Mar 11 airdrop.
On Apr 11, it is possible that a similar spike may follow the next airdrop; however, if this does occur, the pattern should also lead to a subsequent drop to earlier levels.
Summary of Analysis
Based on this analysis, it is likely that the price keeps decreasing at the rate predicted by the descending channel and reaches the support area outlined above.
Do you think the price of BTT will keep decreasing? Let us know your thoughts in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
