A Bullish Trend Reversal has Likely Started
BitTorrent prices have struggled in the entire month of April, dropping by 17 per cent from their April highs. However, in today’s trading session, the BitTorrent price is looking bullish and has already gained 3 per cent.
Part of the reason that the BitTorrent token has struggled in the market is due to the current burning. According to the latest figures, BitTorrent announced on April 8 that it had burned 58 per cent of its990 billion BTTOLD tokens. The goal of the current burn of the BTTOLD is to migrate them from the BTT token to BTTC.
Unfortunately, the process has put a strain on the growth of the cryptocurrency. However, when BTTOLD is fully burned, experts expect the prices to start being stable, and we will likely see another push to the upside.
In the last 24 hours, the trading volume has increased by almost 4 per cent. This has resulted in an over one per cent price gain of the BitTorrent token in the market. The increase in trading volume has also seen the amount of money transacted using BitTorrent rise to over $147 million in the past 24 hours.
BitTorrent Price Prediction
Looking at the daily chart below, we can see the BitTorrent prices touching the upper trend line of the descending channel. We can also see the prices dropping aggressively after touching the trend line resistance level. In today’s trading session, we can see the prices trading at $0.00000184, a three per cent gain from the opening prices.
Looking at the daily chart below, the opening price of today’s trading session looks aligned to the point that is touching the lower trend line. This could mean the prices opened at a support level and have since started trading upwards.
Therefore, I expect the current bullish trend to continue in the coming days. The current bullish trend may see the prices breaking the $0.000002 psychological level. I also expect the prices to hit the upper trendline, and there is a good chance of a breakout from the descending channel.
BitTorrent Daily Chart
