BitTorrent is a decentralized peer-to-peer (P2P) distribution of content that utilizes the upload bandwidth of each individual who is downloading the content, and those who have downloaded, to transfer the content.
BitTorrent also has its native digital asset called BTT token. BTT is a TRC-10 token developed on the TRON blockchain. Moreover, it was developed to give an enhancement to the BitTorrent protocol, which was launched in 2001, and was bought by the TRON Foundation in 2018. In addition, the cryptocurrency reached its all-time high of $0.014 on April 05, 2021.
How is BitTorrent Different from Other Cryptocurrencies?
BitTorrent is one of the largest file-sharing protocols. TRON CEO Justin Sun bought the file-sharing site for $140 million. BitTorrent is also one of the most famous networks, with over 100 million monthly users.
More so, TRON partnership with BTT provides the BTT network tremendous reach right from day one. In addition, BTT stays as one of the most competitive crypto to invest in today, all taken into consideration.
Now that we have got to know the details of TRON, do you think TRON will be profitable crypto in 2021? Let’s see in this TRON technical price analysis.
BTT Current Market Position
As of the time of writing this BTT technical analysis, BTT is at $0.00819 with a 24-hour trading volume of $4,316,191,501. However, the price of BTT has decreased by 15.21% in the last 24 hours.
BTT token has a current circulating supply of 659,952,625,000 BTT. On the other hand, BTT can be traded on Binance, Huobi Global, Upbit, OKEx, and HBTC. Now, let’s proceed to the next part of this BTT technical analysis 2021.
BTT Technical Analysis 2021
Currently, BTT holds 24th place on CoinGecko. But will the latest upgrades, development, and changes in the BTT blockchain help the cryptocurrency’s price to reach higher? Let’s proceed to the charts in this BTT price prediction article.
Based on the chart above, the monthly time frame chart has shown the Ascending Scallop pattern. Normally, this pattern is succeeded by an uptrend position but in some cases the pattern can change and move into a downtrend position. More so, in this chart above the pattern took more than a month for the formation to take place.
As shown above, at the beginning of this period, BTT turned from a bearish trend to bullish. This is a result of the vast trading volume that occurred in that period.
Based on the Moving Average Convergence/Divergence (MACD) of BTT that is shown above, the MACD continues to reside above the signal indicator. In short, cryptocurrency traders can still expect more bullish days ahead. On the contrary, if the MACD starts to move down and performs a bearish crossover with the signal indicator, it will be a different story.
Meanwhile, the relative strength index (RSI) of BTT is above level above 70. To explain, the crypto is overbought. In this situation, traders such as scalp and day traders must trade with caution to avoid being hit by a possible price reversal.
The below chart shows the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of BTT.
Since the start of 2021, BTT’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by consolidations, fluctuations, and corrections right away. Taking this into consideration, BTT has a competitive market in 2021.
BTT 2021 technical analysis shows that cryptocurrency has a bright future ahead. Also, the project looks promising as it has high aims, clear goals, and a use case that targets a broad market. Bullish BTT price prediction 2021 is $0.05. As said above, it may even reach $1 if investors have decided that BTT is a good investment in 2021. Furthermore, together with increasing adoption, positive price predictions, and a community composed of thousands of retailers, BTT is likely a promising investment this year.
BitTorrent is the largest file-sharing protocol. TRON CEO Justin Sun bought the file-sharing site for $140 million. BitTorrent also has its native digital asset called the BTT token.
Users can purchase BTT tokens from the cryptocurrency exchanges such as Huobi Global or Binance.
BTT is a good investment in 2021. Best of all, BTT has a high possibility of surpassing the resistance $0.05 and reach $1 this year.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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