- BTT is amongst highly profitable cryptocurrencies in the TRON ecosystem
- BitTorrent’s native token has registered 654% YTD gains
- The crypto asset is breaking out of a multi-month bearish technical setup
JAIPUR (Coinchapter.com) – BTT holders now have a reason to rejoice. BitTorrent’s native cryptocurrency logged 654% gains this year (to date). And apart from this, it is one of the most profitable cryptocurrencies in the TRON ecosystem. Recent data from crypto market data aggregation & analytics platform, CryptoRank Platform confirms.
Out of 39 TRON tokens, the BitTorrent underpinning digital asset with a $1.85 billion market cap comes in at third after USDT and USDC. The crypto asset is trading with a 16% volatility, unlike USDT and USDC, which are stablecoins. BTT is down 80% from its all-time high of $0.014. But despite the steep fall in prices, CryptoRank data shows that BitTorrent has been a gainer overall.
Related: A 45-50% BitTorrent bust building as BTT carries on in descending channel
BTT Technical Setup
The daily BTT/USD chart is giving bullish signals. After trading within a multi-month descending channel, the BitTorrent cryptocurrency is finally breaking out to the upside. Buoyed by extensive buying pressure since July 21, BTT corrected upwards from $0.0019 to $0.0030 (a 37% gain) before retracting back to $0.00276, where it currently trades. The rally also pushed BTT/USD above the 20-day exponential moving average (EMA) wave.
And not just 20-EMA, the asset also cleared past several crucial Fibonacci extension levels in its recent upsurge. Buyers have held the TRON-based blockchain asset close to the 100% Fibonacci extension level. In addition, the RSI indicator is in an uptrend after bottoming at 30, and the MACD indicator’s bullish cycle is also active.
If bulls can help BTT close above the current price levels, then the token has a shot at retesting the resistance at $0.00333 (coincides with the 161.8% Fibonacci extension level).
Related: BitTorrent’s BTT token looking to break out from ‘Bollinger Squeeze’
In a revisit to the bearish scenario, BTT/USD prices could retract back to $0.243436 (coincides with the 50% Fibonacci extension level and 20-day EMA). Below the said support, a retest of $0.0020 is likely. If bears soldier on.
