BitTorrent (BTT) hit a high of $0.00000090 to mark a 22-week high for the file sharing token – leading the top 100 in the process.
A strong selloff on Wednesday saw crypto prices plummet, leading to widespread uncertainty today. However, BitTorrent bucked general market sentiment to post gains of 9.8% in the past 24 hours at press time.
The chart below shows the April 19 daily candle unable to hold gains – pulling back significantly from the local high of $0.00000090, closing the day at $0.00000070.
Shorter timeframes show that during April 20, BTT reached $0.00000080 twice – only to be rejected both times, leaving another long upper wick.
The Relative Strength Index (RSI) hit just under 70 – the threshold of overbought territory – before printing a sharp decline to the downside – suggesting a slowing momentum.
Low volume accompanying the upward move was noted – suggesting an absence of sellers rather than strong buying pressure driving the upward move.
The token hit an all-time high of $0.00000343 in January 2022 – the current price is around 80% lower than this price.
Fundamental developments
Decentralized exchange Mdex announced support for BitTorrent starting April 24.
Participants in the “feedback activity” can win a share of the $180,000 reward. This involves the use of Mdex, such as link tokens or adding and staking to liquidity pools.
Besides, BitTorrent recently called on developers to submit their dApps and websites for deployment on Awesome BTFS (BitTorrent File System).
“Unleash your website’s potential with Awesome BTFS! It connects you to a huge audience and increases traffic to amplify your impact.“
The company describe the technology as a “next generation decentralized file storage system designed for Web 3.0 applications”. It uses multi-chain peer-to-peer networks and smart contracts for scalable, low-cost data storage.
Several websites have already signed up, including Yam Finance and Uniswap V3, as well as Tron-affiliated sites such as SunSwap and TRONScan.
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