Overvaluation Risks Haunt BitTorrent As Price Explodes 164% QTD

BitTorrent turned alarmingly overvalued on Monday as its price popped higher by as much as 164 percent quarter-to-date.

The BTT/USD exchange rate surged to $0.013, its highest level on record, after rallying seven days in a row. Every sell-off attempt met with an equally aggressive accumulation, prompting more and more traders to buy the Justin Sun-backed asset at intraday highs. The volumes soared likewise.

BitTorrent rally looks overblown. Source: BTTUSD on TradingView.comBitTorrent rally looks overblown. Source: BTTUSD on TradingView.com

The strong upside move pushed BitTorrent’s Relative Strength Indicator to 94.95, a reading that pointed to an extremely overbought asset. Typically, a higher RSI reading prompts investors/traders to unwind their holdings. As they secure their profits, the asset tops out and falls lower to

Keep reading this article on Newsbtc.com.

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