BitTorrent’s Price Surges Despite Poor Market Performance

The cryptocurrency market has lost nearly $100 billion over the past 24 hours, with the total market cap now above $2.2 trillion. Bitcoin has dropped below the $50k level again while Ether struggles to defend the $3,600 support level.

BTT Rallies by More Than 4%

BTT, the native token of the BitTorrent platform, is up by more than 4% over the past 24 hours. The rally comes despite the broader cryptocurrency market currently underperforming. At press time, BTT is trading at $0.0029 per token.

BitTorrent is a software that connects parties accessing its network to compute file sharing requests. Its native token, BTT, is a TRC-10 utility token based on the Tron blockchain.

Tron, the blockchain project headed by Justin Sun, acquired BitTorrent in 2018 in a deal worth approximately $126 million and hasn’t made any significant changes to how BitTorrent operates.

While BTT is currently rallying, TRX, the native coin of the Tron blockchain, is underperforming. TRX is trading at $0.0785, down by 1.26% over the past 24 hours.

BTT Could Break Past its 50-day EMA Soon

The BTT/USD daily chart is looking bullish thanks to the cryptocurrency’s recent performance. The technical indicators show that BTT’s performance is improving, and the token’s price could increase in the coming hours.

BTT is still trading below its 50-day moving average of $0.0031 but could surpass that level soon if the market condition remains unchanged. The MACD line is below the neutral zone, while the RSI of 48 shows that BTT is just coming out of its oversold region.

TRX Could Slip Below $0.07

The TRX/USD daily chart is bearish at the moment as the cryptocurrency is trading in the red zone. TRX has lost nearly 2% of its value over the past 24 hours and risks dropping below the $0.07 mark if the bearish trend continues.

TRX is trading below its 50-day moving average of $0.0933 and has been below that level for the past three weeks. The MACD line is also in the negative region, while its RSI could dip further into the oversold territory.