BitTorrent (BTT) is a peer-to-peer file sharing protocol founded in 2004. It is well established and has millions of users worldwide. The move by Justin Sun, CEO of Tron (TRX) to acquire BitTorrent in 2018 made a lot of sense in the blockchain space. The move will potentially bring blockchain to millions of users already utilizing the peer-to-peer network. Tron on the other hand, is a decentralized blockchain platform with the intent of expanding the market of decentralized digital entertainment applications and making them more accessible. Seems like a match made in heaven.
Tron's debut on Binance was nothing short of spectacular. TRX produced 11,644% returns (yes, you read that right) in only 2 months from its launch on Binance and is currently the number 10 cryptocurrency by market capitalization (TRX chart below for reference). Keep in mind, this was at the height of the cryptocurrency bull mania at the end of 2017. Regardless, hype is still a very real thing in this market and the returns produced from TRX could potentially light the way for BTT. From a technical analysis point of view, looking at the 4 hour chart for BTT, we can see that it has already broken out of the falling wedge (grey dotted lines). Also, BTT has rallied above the MA 100 and is currently confirming it as support. 18 Sat is currently the strong support zone for BTT. The current attempted rally began after a brief bounce from this level. A breakdown from the 18 Sat level would invalidate any further move up for BTT in the short and middle term. BTT seems like a great entry here for both traders and investors alike, as the growth potential is huge. Another thing to mention is that BTT is currently the second cheapest cryptocurrency currently listed on Binance at less than one-tenth of a cent.
Tron's debut on Binance was nothing short of spectacular. TRX produced 11,644% returns (yes, you read that right) in only 2 months from its launch on Binance and is currently the number 10 cryptocurrency by market capitalization (TRX chart below for reference). Keep in mind, this was at the height of the cryptocurrency bull mania at the end of 2017. Regardless, hype is still a very real thing in this market and the returns produced from TRX could potentially light the way for BTT. From a technical analysis point of view, looking at the 4 hour chart for BTT, we can see that it has already broken out of the falling wedge (grey dotted lines). Also, BTT has rallied above the MA 100 and is currently confirming it as support. 18 Sat is currently the strong support zone for BTT. The current attempted rally began after a brief bounce from this level. A breakdown from the 18 Sat level would invalidate any further move up for BTT in the short and middle term. BTT seems like a great entry here for both traders and investors alike, as the growth potential is huge. Another thing to mention is that BTT is currently the second cheapest cryptocurrency currently listed on Binance at less than one-tenth of a cent.