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.
Related: BTT eyes a 100% price rally as BitTorrent prepares chain launch
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.
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.”
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.
Related: BitTorrent indicator that sent BTT prices 3,900% higher appears again
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.”
said EXCAVO
BTT’s current market scenario is pretty appropriate for buyers looking for new long positions.
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