BitTorrent Token, BTT, has vastly underperformed amid the recent price spike which took place across the cryptocurrency market.
After volatile price movements upon listing, BTT has recently started trading in a range, as traders become more comfortable applying valuations to the token.
The price has been trading between two key areas since late February when it dropped below support.
After dropping below support at $0.000833, this level acted as resistance, and any rises above quickly found selling pressure.
Below price lies an area of support from $0.000725 to $0.00075.
This area was a brief area of consolidation during the initial price spike which took place after the launch of BTT and has since acted as support numerous times.
The spike that took place in cryptocurrencies two days ago resulted in many cryptocurrencies overcoming key resistance levels and recording phenomenal price increases.
BTT failed to overcome the resistance level above at $0.000833 and recorded a mere 4.66% increase over the daily candle on the initial day of the spike.
Over half of the increase was retraced yesterday.
Most cryptocurrencies followed up with more increases during yesterday’s price action indicating that dim price prospects for BTT.
The RSI on the daily chart for BTT remains relatively flat indicating little effect no significant increase in buying pressure despite the drastic increase in top cryptocurrencies.
The token for Chainlink, Link, recorded a similar performance on the day of the initial spike.
The price recorded an increase of 5.2% and also retraced over half of that the following day.
However, the price of Link increased over 12% over the two days prior to the event.
Price performance has been strong in LINK for the past week and the daily RSI and MACD are reflecting that with high valuations showing heavy amounts of buying pressure.
The recent price performance has brought the price of Link above resistance at $0.536.
Price has since dropped back below but quickly rose back above amid a second wave of buying pressure.
Price is currently undergoing its second prolonged wave of buying since rising above the resistance level. Traders will now be monitoring whether or not price can form a higher high.
The last high lies at $0.6073.
- BTT and Link underperformed during the significant price spike which took place across the cryptocurrency market two days ago
- BTT has been consolidating between two levels, a huge contrast to the volatile price swings which took place upon its initial launch
- Link has been recording a strong price performance for the past of week and is currently undergoing its second wave of buying since rising above resistance at $0.536
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