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Analysis

Bitcoin SV [BSV] Price Analysis: Coin on minor bull run despite long-term recovery being in a limbo

Biraajmaan Tamuly

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Bitcoin SV [BSV] Price Analysis: Coin continues minor bull run; long-term recovery still in limbo
Source: Pixabay

Bitcoin SV [BSV] continued its recent price hike after the coin grew by 2.64% against the US dollar on Saturday.

The market capitalization of the token was $1.19 billion and it valued at $67.68. The trade volume garnered over the past 24 hours was $114 million, with BitForex contributing to 12.83% of the coin’s overall trade volume.

1-hour

Source: TradingView

The coin experienced a significant downtrend from $70.57 to $67.84, but managed to recover some of its losses as an uptrend was seen from $67.40 to $68.76. The resistance was marked at $68.76 and the support was seen at $65.04.

The Parabolic SAR indicated a bullish trend as the dotted markers were aligned below the candlesticks.

The MACD line pointed suggested bullish price movement for the coin as the blue line remained above the red line.

The Chaikin Money Flow indicated a higher cash inflow into the market as the CMF line was above the zero-line.

1-day

Source: TradingView

On the long-term chart, the token experienced a major fall in price at the end of last year. The coin’s price stabilized since, with the price moving sideways between the resistance at $75.60 and support at $61.63.

The Bollinger Bands indicated stabilized price movement and low volatility for the coin as the bands were moving parallel to each other.

The Relative Strength Index indicated that the buying and selling pressures evened each other out.

The Fisher Transform pointed at a bearish run for the coin as the red line hovered above the blue line on the chart.

Conclusion

The short-term trend for the coin remained bullish as the prices consolidated in a bearish market. The long-term market chart highlighted the the coin’s slow recovery from bearish pressure.





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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.

Altcoins

Tron [TRX] surges by over 6% as token storms back into the top 10

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Tron [TRX] price surges by over 6% as token back in top 10 as bulls take control
Source: Pixabay

Tron’s [TRX] price was surging, even as the cryptocurrency market cooled down following a brief rally anchored by Bitcoin [BTC]. The collective market cap stood at $324 billion. Following the surge, the token was back among the top 10 coins of the cryptocurrency market, a month after CEO Justin Sun promised the same. His tweet had said,

“#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX”

However, despite the fact that Tron’s native token was prospering, BitTorrent [BTT] was still down at the 35th position on CoinMarketCap.

Despite low trading volume lately, TRX gradually climbed to break its resistance at $0.035. The latest bullish swing was speculated to lead TRX to breach the much-awaited $0.04 resistance.

Tron’s climb up the charts and into the top 10 is a surprise for some, especially since Tron overtook Cardano. The Charles Hoskinson-led crypto is still on a high after recent updates in its ecosystem, including the Shelly testnet going live.

Tron however, has not being standing idly. Recently, CEO Justin Sun revealed that Tron’s DApp trading volumes has exceeded those of EOS and Ethereum. Further, the Tron Foundation recently released a version of the Odyssey update on its mainnet. Further, Tron’s blockchain saw the release of a USD-backed stablecoin by Carbon recently.

Tron [TRX] 1-hour chart

Source: TradingView

Tron was up by 6.40% over the past 24 hours, driving its valuation to $0.039. Additionally, the digital asset rose by 3.7% over the last hour, at press time. TRX registered a market cap of $2.58 billion and a 24-hour trading volume of $900 million. The exchange with the highest TRX trading volume was BW.com, contributing 9.52% to the volume via the TRX/USDT trading pair.





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