“BTT awaits massive breakout amid BitTorrent Chain rollout” Image by Visit Estonia via Flickr
BitTorrent Chain’s (BTTC) launch date has arrived.
BTTC will be compatible with TRON, Ethereum, and Binance Smart Chain (BSC).
BTT token eyes massive breakout on the heels of this development.
BENGALURU (CoinChapter.com) – BitTorrent Chain (BTTC) is scheduled to be launched on Saturday. The development could trigger a significant upside correction for the platform’s native token BTT. Plus, a bullish technical setup also points towards a massive rally for the BTT/USDT pair.
BTTC is the Ethereum Virtual Machine (EVM) compatible layer 2 scaling solution for TRON co-developed by the core BitTorrent and TRON development teams. The protocol will deploy the Proof-of-Stake (PoS) consensus mechanism to validate transactions.
The platform will facilitate cross-chain interoperability across TRON, Ethereum, and Binance Smart Chain (BSC) smart contract blockchains, according to the official update. Moreover, cross-chain transactions will be heterogeneous.
BitTorrent also announced the beginning of the node application process in different crypto communities.
(1/2)🔥BitTorrent Chain (#BTTC) node application is now open to communities!
🙌Welcome outstanding institutions and project partners around the world to participate in building BitTorrent Chain (#BTTC) community ecosystem!
Node operators stand to win rewards for submitting and syncing checkpoint data to the BTTC mainnet. Plus, there is the added benefit of earning transaction fee rewards for signing validating blocks.
BitTorrent Chain will have super representatives, which BTT holders will help elect through staking. An excerpt from the announcement read:
“The election of BitTorrent Chain (BTTC) super representatives will be held synchronically on TRON. During the election, BTT holders will be able to vote by staking. Thus, anyone is welcome to this completely decentralized BTTC node election, and BTT holders can not only cast votes by staking but enjoy staking rewards from their votes.”
BTT Looks Bullish
The BTTC rollout combined with a bullish pennant setup on the daily BTT/USDT chart indicates a significant upside breakout for the BitTorrent token. In detail, the pair’s price action since the drop in April led to a squeezed trend, with the uptrend resuming in July and the subsequent printing of higher lows.
The degree of the rally in such a bullish setup would correlate with the height of the pennant. In percentage terms, the same works out to be 96%. Thus, a 96% upward move from current prices would place the BTT/USDT pair at $0.014.
TradingView based crypto analyst and trader EXCAVO corroborated the above estimate in his analysis as well.
“The BTT logarithmic chart shows a large upward channel. The price is near the support zone (line and support level ). An upward movement – consolidation – continuation of the uptrend.”
Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.
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