Connect with us

Analysis

Bitcoin SV [BSV] Price Analysis: Bears continue to dominate coin market

Biraajmaan Tamuly

Published

on

Bitcoin Cash [BCH] Price Analysis: Bears take charge as bulls fail to sway market
Source: Pixabay


Bitcoin SV continued its poor run in the market as the token failed to gain any serious hike in terms of price valuation. The coin was recently overtaken by Cardano, with respect to market capitalization, and stood at $1.14 billion, at press time. The token was priced at $64.83 and the trade volume achieved over the last 24 hours remained around 55 million. The coin witnessed a drop of 1.2% against the US dollar over the past 24 hours.

The coin experienced maximum trade on Dragon EX exchange, which contributed to 10.28% of the total trade volume via the trading pair of BSV/USDT.

1-hour

Source: TradingView

The short term 1-hour chart indicated the token’s ongoing tussle in the bear market. The coin witnessed a downtrend, which extended from $70.009 to $68.144. It managed to recover some of its losses, but another bearish run stretched its losses from $68.28 to $66.77. The resistance line for the chart remained at $70.03.

The Bollinger Bands indicated a highly volatile period for the coin as the lines deviated away from each other. The Moving Average line projected a bearish trend for the coin.

The Chaikin Money Flow or CMF tool was under the zero line, suggesting that capital was going out of the market.

The MACD line pictured a clear bearish trend for the coin as the signal line remained above the MACD line and chances of crossover remained minimal.

1-day

Source: TradingView

The long term 1-day chart indicated the losses BSV suffered in the past, with a downtrend which extended from $111.69 to $68.29. The coin recovered some of its valuations earlier this month after a minor bullish trend saw the coin propelled from $67.515 to $75.071. The resistance line remained constant at $75.68 since the crash, and the support line kept pace at $61.633.

The Parabolic SAR indicated forthcoming bear trend as the dotted markers were flattened above the candlesticks.

The Relative Strength Index or RSI predicted a neutral trend in terms of buying and selling pressure, as the line remained between the 40 line and 60 line marker.

The Fisher Transform underwent a recent crossover, projecting a bearish trend for the coin, at press time.

Conclusion

The long term and short term indicators for the token indicated a dominant bearish trend for the coin as the market continued to navigate price devaluation.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Ads

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement