BitTorrent spikes 9.8% throughout the course of recent hours, prodded by certain basic turns of events.

The file-sharing token BitTorrent (BTT) reached a 22-week high of $0.00000090, placing it first among the top 100.

Cryptocurrency prices fell sharply on Wednesday, causing general uncertainty today. However, BitTorrent outperformed the overall market sentiment to post gains of 9.8% over the last 24 hours at the time of this writing.

The daily candle on April 19 failed to maintain its gains, closing the day at $0.00000070 after retracing significantly from the local top of $0.00000090.

Lower time frames demonstrate that BTT reached as high as $0.00000080 twice on April 20 but was rejected both times, leaving a long top wick.

Before printing a sharp dip downward, the Relative Strength Index (RSI) reached just shy of 70, which is the threshold for overbought territory. This indicates that momentum is waning.

The move higher was accompanied by low volume, indicating that there were no sellers rather than strong buy pressure.

Fundamental developments

Beginning on April 24, the decentralized exchange Mdex announced that it would support BitTorrent.

A portion of the $180,000 prize is up for grabs for those who participate in the “feedback activity.” This requires using Mdex for things like briding tokens or adding liquidity pools and staking on them.

Additionally, BitTorrent recently invited developers to submit their websites and dApps for deployment on Awesome BTFS.

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The technology was called “the next generation decentralized file storage system built for web 3.0 Applications” by the company. For scalable, inexpensive data storage, it makes use of smart contracts and multichain peer-to-peer networks.

Yam Finance and Uniswap V3, as well as SunSwap and TRONScan, both Tron-affiliated websites, have already signed up.