Following the announcement of Justin Sun’s Tron token achieving 200 Million users on its base, the BTT price displayed massive price movement as the price recorded a jump of over 82% during the early trading hours today.
Further, the BitTorrent (New) price breached $0.000001 for the first time since May 2022.
The BitTorrent price traded in a consolidated range between $0.000004491 and $0.000005121 for over a month, indicating a disinterest of the investors in the token.
During the early trading hours, the price gained significant bullish sentiment, resulting in the price breaking out of the resistance level and displaying a jump of a massive 80% in value.
The BTT price then faced rejection at $0.000001260, following which the price experienced a correction of 31% and has been trading in a consolidated range between $0.0000008589 and $0.0000010339.
The Moving Average Convergence Divergence (MACD) displayed a constant flatline for over a month, indicating weak buying and selling pressure for the coin. Recently, the price gained momentum and recorded a massive price action, resulting in the histogram shooting high.
Will BTT Price Go Up?
If the bulls hold the price above the support level of $0.000008589, the price will regain momentum and prepare to test its resistance level of $0.000010339.
Further, if the market maintains the price at that level, it will continue to rise and test its upper resistance level of $0.00001260 in the coming days.
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.000008589.
Moreover, if the bears continue to dominate the market, it will plunge further and test its lower support level of $0.000005121 by the month-end.
