The price of Bitway (BTW) token has been in the news for the past few days. The token’s price has increased by about 250 percent in a short period of time. On August 19, the price reached around $0.775, but later decreased slightly to around $0.63 due to profit-taking.
At the beginning of August, BTW was priced at around $0.20. After that, after crossing the important levels of $0.30 and $0.40, buyer interest began to increase rapidly. Later, the price rose above $0.60. Due to this rapid rise, it is natural that some investors have started to take their profits.
Various reward campaigns also seem to have played a role in Bitway’s recent rise. Through staking and other incentive programs, users have been given additional benefits to buy and hold BTW. However, such reward-based demand is not always the same. If the attraction of the campaign decreases, the pressure to buy again may also decrease.
There are also some important things to see from the chart. The daily RSI has risen above about 87, which is much higher than the normal overbought limit of 70. This means that although the pressure from buyers in the market is strong, the price has risen very quickly and more volatility may arise from here.
On the other hand, the MACD is still in a positive state. There are also indications of capital inflows. So it is difficult to call the current decline a major trend reversal right now.
In my view, $0.50 is now an important level for BTW. If the price can stay above this area, then there is a chance to maintain the current bullish trend. On the contrary, if the price falls strongly below $0.50, the previous breakout zone of $0.42-0.44 may become important again.
Overall, Bitway is still in strong momentum, but after such a rapid increase, the risk has also increased. So whether the price can hold support in the future or not will be the most important thing.
Posted Using INLEO
