BTT Price Stumbles 10% Against Resistance – Bullish Reversal on the Horizon?

Crypto News- BitTorrent (BTT) experienced a downtrend over the last 24 hours, encountering resistance at the intra-day high of $0.00000132 in its attempt to reverse the bearish trend. Despite bullish efforts, BTT slipped below the crucial support level of $0.00000120, marking a significant 10% decline as of the latest data.

BTT Price Stumbles 10% Against Resistance – Bullish Reversal on the Horizon?

This dip in value appears to be a response to market volatility, potentially triggered by profit-taking actions among traders who capitalized on BitTorrent’s (BTT) earlier surge in value during the week. Such profit-taking behavior could be a contributing factor to the current downturn.

CoinStats data indicates a 10.07% reduction in BTT’s market capitalization, now standing at $1,110,421,267, while the 24-hour trading volume increased by 14.80% to $82,531,484. The drop in both value and market capitalization may be linked to the resistance encountered at the intra-day high, prompting traders to secure profits and contributing to the current downward trend.

Despite the decline, the surge in the 24-hour trading volume signals sustained interest and activity in the market, suggesting that some investors view the price drop as a buying opportunity. This heightened trading activity opens the possibility of a BTT value reversal. However, caution is warranted as the Relative Strength Index (RSI) on the 4-hour BTTUSD chart is falling, currently at a reading of 42.38. This suggests potential further declines before reaching oversold territory. A continuation of the RSI decline below 30 could indicate oversold conditions, signaling a potential trend reversal.

The Moving Average Convergence Divergence (MACD) indicator presents negative signs, with the MACD line crossing below the signal line, indicating the likelihood of additional declines in BTT’s value. The MACD rating of -0.01 suggests growing sell pressure and the potential for further negative movement. The MACD histogram’s negative trend underscores the strengthening selling momentum.