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- 1 Bitcoin SV has over 265+ apps and is currently just 3% above the all time low
- 2 BSV technical indicators are favoring a downside trend in price.It has seen a drop of more than 4% in the intraday session
Bitcoin SV is a cryptocurrency which emerged as a hard fork for the BCH in 2018. The BSV proponents believe that it embodies the principles of decentralization, scalability, and security that were outlined in the original Bitcoin paper. Bitcoin SV has a larger block size limit which enables more transactions to be processed per block. This increased scalability aims to address the issue of network congestion and high transaction fees that Bitcoin has faced in the past. The protocol also implements the original Bitcoin protocol and scripting language, allowing for smart contracts and other advanced functionalities.
Bitcoin SV has been a part of the controversy for a very long time due to their claim to be real Bitcoin. The BSV ecosystem has over 265+ dapps with 11 wallets connected with it. Bitcoin SV can also be used as a decentralized Bitcoin Data storage. The adoption of the protocol has also been skyrocketing.
Bitcoin SV has a market cap of $466 Million and is ranked 70th in the CMC. The volume of the asset price has seen a surge of 17% in the intraday session. The V/M ratio of BSV suggests a consolidated trend in price
Will BSV Price Fall Below Its All Time Low?
The weekly technical chart of the Bitcoin SV suggests a bearish trend in price. It has been observing a downside trend and is near its all time low. BSV price is trading near the value of $24.09 with a small gain in the intraday session. The upside trend of the BSV can see a halt near the value of $30. Meanwhile, the downside trend of Bitcoin SV can observe a bounceback from $23. BSV is trading below the 50 and 100 Exponential Moving Average. There can be a negative crossover in the future which can push the price down.
The RSI of BSV is near 25 with a strong downside slope in it. The overall sentiment of the indicator is bearish.
Summary
Bitcoin SV has been observing a great adoption among the crypto users. BSV price is currently near its all time low and can see a bounceback in the future.
Technical Levels
Major Support:$23
Major Resistance:$30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
