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Bitcoin SV [BSV] Price Analysis: Coin’s bullish tendencies overshadow declining market

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Bitcoin SV [BSV] Price Analysis: Token’s bullish tendencies overshadow declining market
Source: Pixabay


While the collective market was reeling from the bearish onslaught of the previous weekend, Bitcoin SV [BSV] saw a massive double-digit price bump as the Lithuanian FinTech company Coingate announced its support for Satoshi’s Vision.

Bitcoin SV, at press time, mildly fell against the US dollar by 0.11 percent and was trading at $72.30. The market cap of the coin stood at $1.27 billion and shot up over Cardano [ADA] to take the eleventh spot on the global coin ladder, with less than $70 million separating BSV and Binance Coin [BNB].

In terms of exchange dominance, Bit-Z posted the highest BSV trade volume via the trading pair BCHSV/BTC, accounting for $41.01 million or 21.16 percent of the total volume. The next two spots were taken by Binance via the trading pairs BCHSV/USDT and BCHSV/BTC, accounting for 8.45 percent and 5.32 percent of BSV trade volume respectively.

1-hour

Source: Trading View

The one-hour chart for Bitcoin SV showed a massive uptrend owing to the CoinGate announcement, pushing the price up from $63.01 to $72.21, following which the coin was vying for an upward swing with correctional forces holding it back.

Bitcoin SV found immediate support at $72.04, which the coin was just hovering above. The immediate resistance level of the coin stood at $76.82.

The Bollinger Bands showed a notable decrease in the coin’s volatility as the effects of the massive price increase subsided. The Moving Average line indicated a bullish trend for the coin.

The Chaikin Money Flow tool dipped below 0, signalling a drop in the inflow of money into BSV.

The Awesome Oscillator indicated that the short-term momentum was high as the AO line was above 0. But since the concluding bars were red, the bears might be lurking.

1-day

Source: Trading View

The one-day chart for Bitcoin SV exhibited a recent upswing in the prices following a price push-down since the end of January. The aforementioned downtrend cut the price from $75.28 to $65.69, following which the coin shot up from $69.03 to $75.22.

Bitcoin SV found immediate support at $61.64, which the coin was surging above. The immediate resistance level of the coin stood at $68.42, which the coin breached and was later placed at $75.79.

The Parabolic SAR pointed to a bullish trend as the dotted markers were below the coin’s trend line.

The Relative Strength Indicator showed that investor interest increased significantly given the upswing of the coin’s price, with a spike in the RSI from 39.57 to 55.77, at press time.

The MACD Line showed that the coin was still trading in a long-term bearish trend, but if the market sentiments persisted, the coin could break out into the bullish zone very soon.

Conclusion

Bitcoin SV saw a massive isolated rise over the past two days when the collective market was trying to avoid market correction. The nChain spearheaded project saw a massive price and market cap increase which led it to overtake Cardano and inch closer to Binance Coin, with an overtake imminent if market sentiments persisted. Despite the mild decline against the US dollar, most short-term indicators pointed to a bullish swing with long term indicators showing positive signs as well.





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