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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.

Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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