May 29, 2024
BTT's Soaring Ascent Faces Potential Cooldown
Altcoins News

BTT’s Soaring Ascent Faces Potential Cooldown

BitTorrent (BTT) has experienced a consistent upward trend in recent days, marking an impressive 168% increase over the last month.

Despite this positive momentum, a crucial indicator hints at a potential price cooldown.

As of the current writing, BTT has surged by 17% in the past 24 hours and is trading at $0.000001319. The cryptocurrency’s market capitalization has reached $1.25 billion, securing its position as the 54th largest in the market. Additionally, BitTorrent’s daily trading volume has seen a remarkable 153% increase over the past day, reaching $327 million.

According to data from the market intelligence platform Santiment, BTT’s Relative Strength Index (RSI) has consistently remained above the 86 mark. Traditionally, an RSI above 70 suggests the likelihood of an upcoming price cooldown.

On December 6, BTT’s RSI peaked at 95 after a rapid price surge from $0.0000005 to $0.000001, leading to a subsequent drop to around $0.0000007. If BTT’s RSI falls below 35, there is a considerable chance of a price rally.

Santiment’s data also reveals that BTT’s price volatility has tripled over the past day, escalating from 0.03 to 0.09.

Furthermore, Santiment notes a 140% surge in BitTorrent’s social volume over the last 24 hours, reinforcing the suggestion of an impending price cooldown.

One of the primary factors driving BTT’s surge could be the announcement of Tron reaching 200 million users, as BitTorrent is issued on the Tron blockchain.

Image by flickr

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