BitTorrent Token Skyrockets Amidst Market Uncertainty, Surprising Investors
- BitTorrent (BTT) reaches 22-week high at $0.00000090.
- Crypto market sell-off causes uncertainty.
- BTT bucks trend, posts 9.8% gains and shows strong buy pressure.
BitTorrent (BTT) experienced a significant surge in price, reaching a 22-week high of $0.00000090, making it the top performer among the top 100 cryptocurrencies.
Despite a sharp sell-off on Wednesday, which led to a general feeling of uncertainty in the crypto market, BitTorrent managed to post a 9.8% gain over the last 24 hours at the time of press, thus showing that it is a resilient token.
However, it is worth noting that April 19’s daily candle was unable to hold onto the gains, retracing significantly from the $0.00000090 local top and closing at $0.00000070. Despite this, lower time frames show that over the course of April 20, BitTorrent rose as high as $0.00000080 on two occasions, only to be rejected both times, leaving another long top wick.
Furthermore, the Relative Strength Index (RSI) hit just shy of 70, which is the threshold for overbought territory, before printing a sharp dip downwards, suggesting waning momentum. This means that the token may not be able to maintain its current price level for much longer.
It is interesting to note that low volume accompanied the move higher, suggesting an absence of sellers rather than strong buy pressure driving the move higher. This might indicate that a lot of demand in the market does not support the token’s current value.
It is important to consider that the token hit an all-time high of $0.00000343 in January 2022, and the current price is approximately 80% down from this price. This shows that there is still a lot of room for the token’s price to grow, but it may face significant resistance along the way.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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