Tron’s strong performance in recent weeks, coupled with favorable technical indicators for BTT, suggests that the two cryptocurrencies could be closely linked in their upward trajectory. In this article, we will explore Tron’s recent surge of more than 50%, BTT’s potential for resurgence, and what key indicators are saying about BitTorrent price movement.
Tron Surges By Over 50% to a $13 Billion Market Cap
Over the last 7 days, TRON (TRX) saw a price increase of 19.40%, significantly outperforming the global cryptocurrency market, which has risen by 4.50% in the same period. This surge has propelled Tron to a market cap of over $13 billion, reinforcing its position as a leading blockchain platform.
According to data from CoinMarketCap, there’s over 16% price increase for Tron in the past month, pushing the market valuation from $11 billion to more than $14 billion. Moreover, this continued in the last 3 months, recording a growth of over 34%. Hence, the price of this token increased from $0.11 to more than $0.16 in the last 90 days.
Can BitTorrent Price Make a Resurgence?
BitTorrent (BTT), the token associated with the popular peer-to-peer file-sharing protocol, has also been showing signs of a potential comeback. In the last 7 days, BTT saw a price increase of 28.20%, outperforming the global cryptocurrency market, which is up 4.50%. Moreover, BTT is surpassing other cryptocurrencies within the Ethereum ecosystem, which have experienced an average gain of 12.70%.
This strong performance by BTT indicates that the token is capitalizing on the broader market rally, particularly the surge in TRX. After a decline of more than 20% in the last 90 days, BTT might make a comeback of 150% in the next month. However, this will depend on what the Indicators are saying about BitTorrent price.
What the Indicators are Saying About BitTorrent Price
Technical indicators are currently painting a bullish picture for BTT. As of August 22, 2024, the general sentiment for BitTorrent’s price prediction is optimistic, with 24 technical analysis indicators signaling bullish conditions, while only 5 are signaling bearish signals.
Furthermore, BitTorrent’s 200-day Simple Moving Average (SMA) could rise over the next month, potentially reaching $0.00001244 by September 21, 2024. Similarly, the short-term 50-day SMA is projected to hit $0.00001420 by the same date. Hence, the rising moving averages suggest that BTT may be on the verge of further price increases.
Moreover, the Relative Strength Index (RSI), a popular momentum oscillator, is currently at 66.21. The RSI value indicates that BTT is in a neutral position, though it’s nearing the overbought threshold of 70.
Conclusion
BitTorrent (BTT) appears to be in a position for a resurgence, driven by the recent success of Tron (TRX) and favorable technical indicators. With Tron’s market cap surging and BTT outperforming both the global cryptocurrency market and its Ethereum ecosystem peers, there’s a growing belief that BTT could see a significant increase in value, potentially up to 150%. Moreover, technical indicators like the SMA and RSI further indicate the potential for BTT to capitalize on this momentum.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
