Why BitTorrent Token (BTT) Could Be a Great Addition to Your Web3 Favorites
There’s a famous saying within the investment world: “The trend is your friend.” So, why should the BitTorrent (BTT) token be in your radar within the evolving Web3 landscape? Let’s dive into the small print.
The Journey of BitTorrent and BTT
BitTorrent is not a newcomer to the crypto arena. Since its inception in 2019, it’s attracted quite a little bit of interest. Originally designed as a peer-to-peer (P2P) protocol for file transfers, BitTorrent has since evolved. Its native token, BTT, was launched on the Tron blockchain as a TRC-10 token, enhancing BitTorrent’s bandwidth, networking, and storage capabilities.
Recently, BitTorrent underwent a successful token migration. While the ticker symbol $BTT stays consistent, on Binance, you will find it listed as BTTC. The older version is now known as BTTOLD.
Innovation and Future Plans
With innovation as a driving force, BTT has ambitious plans post-launch, including the introduction of super representatives from the outset. Developers and supporters are poised to learn from the thriving Tron ecosystem. So, what’s in store for BTT in 2022? Let’s take a better look!
Technical Analysis: What the Charts Are Telling Us
Current Market Status
At the time of writing, BTT ranks because the 56th largest cryptocurrency, with a market cap hovering around $2.2 billion. The recent token migration has offered a fresh start on the charts.
Monthly Time Frame
On the monthly scale, BTT’s price motion continues to be in its infancy, with only two candles post-migration. Since then, we have seen a 40% increase from the lows, and BTT appears to be making its way back to previous highs.
Weekly Time Frame
Switching to the weekly chart, BTT has encountered short-term resistance. The price previously reached 239 before a pullback, and it’s now difficult that level again. An in depth above this resistance could signal bullish momentum, but a rejection might mean more consolidation lies ahead.
Daily Time Frame
Examining the day by day chart reveals a more granular picture. Recent price motion broke resistance at 215, climbing to a brand new high of 239. This was followed by a retest, confirming support at 215. Daily candles suggest higher lows, indicating that bulls is perhaps gaining the upper hand. However, a detailed below these levels may lead to lower lows, and consolidation might proceed.
4-Hour Time Frame
On the 4-hour chart, we’re seeing BTT establish latest support levels. The price has cleared minor resistance and is now looking to verify this as support. If successful, the bulls could push the worth higher.
Conclusion: Keeping an Eye on BTT
- On the monthly chart, BTT continues to be gathering data.
- On the weekly chart, there isn’t any clear confirmation of a continued rise yet.
- The day by day chart shows bulls gaining control.
- The 4-hour chart highlights the presence of bulls.
Remember, these insights are based on the creator’s subjective views. As at all times, do your personal research and evaluation before making any investment decisions.
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