Although the leading assets of the cryptocurrency market gained good momentum last week, they started this week with some volatility. Medium-sized altcoins managed to use the volatility more efficiently. BTT Token is among those that managed to benefit from this momentum. The price showed a positive outlook, gaining over 12% in just one day.
One of the reasons why BitTorrent’s price is rising is thought to be the announcement of the upcoming enhanced upgrade of the BitTorrent File System (BTFS).
BitTorrent engineers increased BTFS decentralization and improved performance indicators. This will not only help its users protect their resources but also provide better firewall security for storing their data.
BTT Token price experienced a decrease in value in June, and then the price showed a negative trend with a continuous decrease. BitTorrent Its price has traded in a consolidated range between $0.0000004586 and $0.0000005168 for more than a month.
Following this, the price experienced a decline in value, which caused it to break down the support level. BTT token price then exhibited steady price fluctuations. It continued to steadily lose value, recording a yearly low of $0.0000003645 in mid-October, after which the market gained momentum and the price rose, breaking out of the resistance level of $0.0000004102 more than two months later.
After the news was announced, BitTorrent’s price jumped over 15% to the 0.0000005500 level. It did, but it didn’t last long as the price soon experienced a pullback.
Koinfinans.com As we reported, the MACD has been displaying a rising green histogram for more than two weeks, indicating a strong bullish influence on the market. Additionally, the averages show a steady increase, indicating that the price will continue to appreciate in the coming days. If the bulls push the price above $0.0000005168, the price will regain momentum and soon make a move to test the upper resistance of $0.0000005500. Moreover, if the market continues to trade positively, it will prepare to test the resistance level at $0.0000005850 in the coming period.
On the other hand, if the bears strengthen and overwhelm the bulls, the price will lose momentum and fall to test the support level at $0.0000004586 this week. Moreover, if the bears continue to dominate the market, the price will lose all gains and test the lower support level at $0.0000004102 next week.