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- Bitcoin SV price is trading with strong uptrend momentum over the daily price chart.
- BSV crypto is still below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of BSV/BTC is at 0.002578 BTC with an intraday gain of 1.42%.
The price of Bitcoin SV appears to be considerably declining into the bottom range of the consolidation phase despite the bulls’ best efforts. BSV needs to establish solid bullish support before moving up to the higher level. Following a thrilling ride on the price roller coaster, BSV got stuck on the daily price chart between $43.77 and $65. The BSV coin price is trading with a strong upward momentum on the daily price chart. The token needs to go upward toward the upper trendline in order to break out. Until BSV bulls maintain their position at the upper trendline, investors in BSV must hold off. After the hammer candle over the daily chart which played a trend reversal for the BSV coin. The token started surging towards the upper trendline.
The market capitalization of Bitcoin SV, which is presently trading at $51.12, has increased by 1.84% over the previous day. Trading volume increased by 7.08% during the intraday trading session. Therefore, the rate of accumulation should be increased during the intraday trading session. The volume to market cap ratio is 0.04861.
To accelerate toward the upper trendline of the horizontal range-bound area over the daily price chart, the BSV coin price needs to draw in additional buyers. To disrupt the pattern, the token needs to amass legions of buyers. But just now, the token is dropping over the daily chart. Volume change needs to increase for BSV to dramatically increase; it is currently below average. BSV crypto is still below 20, 50, 100 and 200-days Daily Moving Average.
Bulls sustain at the current level or get detained?
Despite efforts to attract buyers and price restrictions to the horizontal range-bound region, it appears that bears are now in control of the BSV currency. For the token to escape falling into a short seller’s trap, it must draw purchasers. The price behavior of the cryptocurrency BSV, however, is showing signs of reversing trend according to the current candlestick pattern. However, it looks like the trend is reversed over the daily price chart.
Technical Indicators suggest the uptrend momentum of BSV coin. Relative Strength Index showcases the uptrend momentum of BSV coin. RSI is at 41 and is approaching neutrality.
MACD exhibits the uptrend momentum of BSV coin. The MACD line is approaching the signal line for a positive crossover.
Conclusion
The price of Bitcoin SV appears to be considerably declining into the bottom range of the consolidation phase despite the bulls’ best efforts. BSV needs to establish solid bullish support before moving up to the higher level. Following a thrilling ride on the price roller coaster, BSV got stuck on the daily price chart between $43.77 and $65. The BSV coin price is trading with a strong upward momentum on the daily price chart. The token needs to go upward toward the upper trendline in order to break out. Volume change needs to increase for BSV to dramatically increase; it is currently below average. The price behavior of the cryptocurrency BSV, however, is showing signs of reversing trend according to the current candlestick pattern. However, it looks like the trend is reversed over the daily price chart. Technical Indicators suggest the uptrend momentum of BSV coin. The MACD line is approaching the signal line for a positive crossover.
Technical Levels
Support Levels: $48.00 and $43.77
Resistance Levels: $53.00 and $57.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
