The collective cryptocurrency market has seen varied movement since the beginning of the week, with the market cap dropping to $120.7 billion. Bitcoin Cash [BCH] managed to add over $150 million to its market cap during the bullish wave last week, but since coins like Litecoin [LTC] and EOS [EOS] saw massive double-digit price surges, BCH was pegged down to the sixth spot on the global coin ladder.
At press time, value of Bitcoin Cash has fallen by 2.36 percent to $121.64 against the US dollar in the past 24 hours, while the coin’s market cap has now declined to $2.14 billion.
In terms of exchange dominance, LBank takes the top-spot with $22.39 million or 8.58 percent of Bitcoin Cash volume held in the trading pair BCH/BTC. Following up is P2PB2B2 and BW with 6.06 percent and 5.97 percent of BCH volume held, in the trading pairs BCH/USD and BCHABC/USDT respectively.
The one-hour Bitcoin Cash price has two successive uptrends followed by a brief period of stabilization. The uptrends began on February 6, with the price first increasing from $111.53 to $117.29, followed by a price increase from $115.09 to $128.92. The recent downtrend extends from $126.35 to $122.97.
Bitcoin Cash finds immediate support at $118.30, while the coin’s immediate resistance level stands at $126.08, which the coin dipped below earlier this week.
The Bollinger Band indicates that following the bullish swing, which saw the volatility shoot up, the coin has been fairly stable. The Moving Average line indicates that the coin is going through a bearish spree.
The MACD line shows that the coin is going through a bearish spree since 1000 UTC on 10 February.
The Relative Strength Index points to a fall in the sentiments of investors towards Bitcoin Cash. The RSI of the coin has dipped from a high of 61.52 at the beginning of the week to 42.01 at press time.
The one-day chart of Bitcoin Cash has been marred by the bearish forces of the hardfork. However, over the past month the coin has been going through a relatively stable price movement, with the price between the $107-$134 bracket. Bitcoin Cash is still in the downtrend, beginning in November and extending from $624.91 to $122.81.
Bitcoin Cash finds immediate support at $107.32 which the coin hit at the end of January, the immediate resistance of the coin stands at $132.05.
The Parabolic SAR indicates that despite the short-term decline, the coin is still trading in a bullish market as the dotted lines are aligned below the coin’s trend line.
The Fisher Transform line, however, indicates a cross-over from the bulls to the bears as the Fisher line has been overtaken by the Trigger line.
The Chaikin Money Flow tool shows that investors are still putting their money into Bitcoin Cash as the CMF line is above 0.
The Bitcoin Cash bulls of the previous week are still managing to hold on, even as the price continues to slip. In the short-term, the trend is bearish with the Bollinger Band indicating that volatility will not be very high, indicating a slide rather than a tumble. In the long term however, the Parabolic SAR and the Chaikin Money Flow tool still indicate that the market is bullish, with only the Fisher Transform indicator pointing to a recent bearish slip-up.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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