BitTorrent emerges as top gainer with cooldown is expected

2023-12-11 07:13:18

BitTorrent (BTT) has been constantly rising over the past few days, registering a 168% rise over the past month.

A key indicator may however suggest a price cooldown is imminent.

BTT is up by 17% in the past 24 hours and is trading at $0.000001319 at the time of writing. The asset’s market cap surged to $1.25 billion, making it the 54th largest cryptocurrency. BitTorrent’s daily trading volume also registered a 153% rally over the past day, reaching $327 million.

BTT price, social volume, volatility and RSI – Dec. 11 | Source: SantimentAccording to data provided by the market intelligence platform Santiment, BTT’s Relative Strength Index (RSI) has been hovering above the 86 mark. When the RSI indicator rises above the 70 mark, it usually indicates the possibility of a price cooldown.

On Dec. 6, BTT’s RSI rose to 95 after the price surged from $0.0000005 to $0.000001 — BitTorrent soon plunged to around $0.0000007. If BTT’s RSI falls below 35, there could be a high possibility of a price rally.

Moreover, Santiment data shows that BTT’s price volatility has tripled over the past day — rising from 0.03 to 0.09

According to Santiment, BitTorrent’s social volume recorded a 140% surge in the past 24 hours, while the RSI indicator suggests a price cooldown.

A crypto.news report on Dec. 8 suggests that one of the main drivers behind BTT’s rally could be the announcement of Tron reaching 200 million users — BitTorrent is issued on the Tron blockchain.

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