BitTorrent rockets 82% in three days as Mainnet launch date nears

Key Takeaways:

• BitTorrent prices has risen by more than 82% since Monday.
• The platform’s mainnet launch is driving prices upwards.

NEW DELHI (CoinChapter.com) — BitTorrent registered a roaring comeback from Dec 5’s sell-off. Its native token, BTT, gained 36.4% intraday on Monday, its highest single-day gain since April.

BitTorrent continued its Monday rally over the next two days to register an 82.6% jump from Dec 6’s low ($0.0023) to Dec 8’s high ($0.0042). However, on Wednesday, after reaching $0.0042, BTT prices corrected sharply. As a result, BitTorrent’s 50-Day MA line forms immediate support at $0.0035.

If BTT cannot maintain its current run, it would find further support at $0.0033, near its 26-Day EMA line. Retail traders looking to profit from the token’s recent run might sell their BTT holdings, causing prices to fall to $0.0030 before recovering.

Meanwhile, BTT would need to move above the immediate resistance at $0.0042 if it wants to continue its bull run. The $0.0042 price level has been a challenge for BitTorrent since Sept 7, resisting any attempts to move above it. Once bulls capture immediate resistance, the next target would be $0.0049.

Also Read: BTT awaits massive breakout amid BitTorrent Chain rollout.

In addition, momentum oscillator MACD charted a bullish crossover on Dec 7. Furthermore, bars on the MACD histogram are expanding, indicating that the MACD line (difference between 12-day and 26-day) is moving further away from its signal line (9-day EMA of MACD).

A bullish crossover occurs when the MACD line moves above its signal line. Expanding bars are a sign of increasing bullishness in momentum.

Furthermore, the relative strength index rebounded from oversold levels on Dec 5. BitTorrent’s RSI is currently neutral, with a value of 59.90

ON MONDAY, the RSI charted a nearly vertical movement, but the trendline is now moving laterally. Bulls might rely on BTT mainnet launch to further push prices up.

BitTorrent Mainnet Launch

Peer-to-peer file sharing platform BitTorrent is final preparations to launch its BitTorrent Chain (BTTC) Mainnet. As per an announcement, BTTC would become the ‘world’s first heterogeneous cross-chain interoperability protocol.’

Also Read: BTT eyes a 100% price rally as BitTorrent prepares chain launch.

The BitTorrent chain will use the Proof-of-Stake (PoS) consensus mechanism and support smart contracts. The interoperability protocol is built on TRON and would allow asset transfers between public chains of Ethereum, TRON, and Binance Smart Chain (BSC).

Moreover, the new chain would introduce BTT redenomination. BitTorrent would replace old BTT torrents with new ones at a ratio of 1:1000, which means current BTT holders would receive 1,000 new tokens for each old BTT they hold. Additionally, BitTorrent will increase the total supply of tokens from 990 billion to 990 trillion.

When the new mainnet goes live, BitTorrent will increase the use cases for BTT to include staking, governance, and gas fees for token transfer on the BTTC blockchain.

At the time of writing, BTT was trading at $0.00376, up 1.77% on the day. The redenomination news might create a FOMO, which could push prices upwards.