BitTorrent price analysis: BTT surges as Binance and Huobi announce trading competitions

bittorrent

BitTorrent surged over 87% on the day as a result of various trading competitions that involved BTT token. What’s next for BitTorrent, and should you consider buying some BTT now?

Fundamental analysis: Binance and Huobi trading competitions push BTT up

BitTorrent is a peer-to-peer file-sharing and torrent platform that dates back to July 2001 when it was first launched. The platform was then purchased by the TRON blockchain platform in July 2018. Ever since its acquisition, BitTorrent managed to improve and add various new tools. Its native cryptocurrency, BTT, launched in February 2019 on the TRON network.

BTT’s sudden price increase is most likely caused by multiple trading contests that included BitTorrent, including the ones hosted by Huobi and Binance.

BTT posted week-over-week gains of 135.85%, outperforming both BTC‘s week-over-week gain of 2.55% and ETH‘s 3.07% gain. BitTorrent is currently the 32nd-largest cryptocurrency by market cap, boasting a value of $3.39 billion.

At the time of writing, BTT is trading for $0.00337, which represents a price increase of 166.93% when compared to the previous month’s value.

BTT/USD technical analysis: BTT trading within a well-defined range

If we take a look at the BTT/USD 1-hour chart, we can clearly see the massive price increase that started on Friday. The leg up was accompanied by a healthy surge in volume that allowed BTT to reach s high as $0.004.

BitTorrent is currently in a healthy consolidation phase, with its price creating a small triangle formation. Since the formation was created on such a small time-frame, BTT already managed to push through it and position itself in a trading range.

BTT/USD 1-hour chart
BTT/USD 1-hour chart

The cryptocurrency is currently trading between the 38.2% Fib retracement level of $0.00326 and the 23.6% Fib retracement level of $0.00355. The trading range was confirmed twice, first by testing the downside and then by testing the upside as well.

BTT is currently trading in the middle of the range, with clear-set boundaries. This may help traders in both determining its next move, as well as set their stop-losses.

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