The trend is your friend! Here is why the BitTorrent (BTT) token should be in your Web3 favorites!👇 By CMCAlexandria Author: youngcryptowolf Editor: YousraAASheikh
At the time of this writing, BTT is ranked the 56th largest cryptocurrency, according to CoinMarketCap. TheWith a successful token migration and BTT chain past test net, what does BTT have for us in 2022? Let's take a deeper look!Looking at the monthly timeframe, we can see that theBTT's recent token migration has left us with a new clean chart.
We don't have any previous structure to compare BTT to since its migration. So it's safe to say that the token is currently in price discovery. At its core, price discovery is the phase when the supply meets demand. When equilibrium is found, this is when there is the greatestBTT/USDT on a Weekly Chart
The last time price was at this level, it pushed as high as 239 before retracing. This week, we are at the same level, now looking to break above. Let's look at a couple more details.There is no confirmation that the price will continue to rise.A close above this level is a sign that the bulls have taken overOne thing to keep in mind is that a high was made when the contract migration was completed. There are some investors stuck at that level looking to get out.
By looking at the three most recent daily candles, we can see that there are daily higher lows being formed and respected. This is a good sign indicating thatHowever, if the price closes below the previous daily higher low, there will be lower lows. For now, expect to see some vertical consolidation between the recent high and the support confirmed at 215. Until the price closes above the local high or below the recent support level, it will continue to consolidate.
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