Two days before the correction occurred, BitTorrent with its BTT tokens increased by more than 30%, this made BTT towards its highest price but was corrected again on April 1, 2021.
The appreciation that occurs makes BTT increase in market capitalization up to $5 billion, what is the cause of the appreciation that occurred at this BTT?
BTT Up 30% More Until it touches the Highest Price
The token from BitTorrent, namely BTT, a peer-to-peer (P2P) data exchange protocol, has increased by more than 30% only from March 30, 2021, to March 31, 2021, until now there is no fundamental reason that can explain why BTT can go up significantly to its current price.
This token shows a technical appreciation of up to more than 120% in just one week in mid-March, since then BTT has experienced a very significant appreciation to date without the latest news regarding the company's project.
However, several things that were suspected to be positive sentiments for BTT were due to the staking feature of its token on Poloniex and positive sentiment from Tron's founder, Justin Sun.
Positive Sentiments Obtained From Poloniex and Justin Sun
The Poloniex crypto exchange, which co-owns Justin Sun, just announced a staking feature for BTT, on March 25th,
This stacking announcement is thought to be a factor in why the demand for BitTorrent (BTT) has increased significantly, this is likely to come from the potential profits obtained on the exchange by buying and also staking with BTT, Poloniex stated,
"With the staking feature on Poloniex users can earn rewards and still have the flexibility to buy and sell, deposit, and withdraw crypto from Poloniex at any time. Users can also generate rewards from staking to deciding to stop staking."
BitTorrent (BTT) also continues to encourage the narrative related to Non-Fungible Token (NFT) by Justin Sun, on March 29, 2021, BitTorrent also stated,
Considering that BitTorrent has been acquired by Tron, Justin Sun's positive sentiment certainly has a big impact on BTT, currently, sentiment from social media also looks very positive on BTT with data from Cointelegraph showing a positive perception that was around 377% higher before the appreciation began.
Therefore, until now, the appreciation received by BTT has seen a result from the technical side supported by several positive sentiments, including the recovery of Bitcoin (BTC).
Still Going Positive
Currently, the dominance of Bitcoin (BTC) is at 60% with the capitalization of Altcoins touching the highest value on March 31, 2021, it is possible that in the future BTT will still have the potential to rise higher from a technical perspective.
BTT still looks positive from a technical perspective due to BTT price movements which are still in the appreciation zone, until now BTT is still undergoing correction after its significant appreciation in the last few days.
However, this correction still looks reasonable because it has not yet passed the safe limit of appreciation.
The safe limit of BTT is seen at $0,0048, which is likely if a break can lead to a safe limit of $0,0045, if it continues to be broken then it is likely that the potential appreciation that BTT will get will be lost, as a result of going out of the appreciation zone.
The objective of the current appreciation will most likely be at $0,0051 after the correction, if it is broken it could bring it up to $0,0055, and in the long term, the next objective is seen around $0,0092 which is in the 161.8% Fibonacci Extension area.
