Since its haphazard emergence, Bitcoin SV [BSV] has managed to keep its nose above the $1 billion mark, but the recent market downturn has got proponents concerned. Despite the bearish swing to the collective market since the close of last year, January saw its own set of fluctuations, pushing BSV down in two cycles, the first to just above $1.3 billion and the more recent one to $1.09 billion, sounding alarm bells.
At press time, the tenth largest cryptocurrency in the market has managed to keep its market cap steady at $1.12 billion while the price of the coin stands at $63.81, a 3.9 percent decline against the US dollar.
In terms of exchange dominance, BitMart takes the top-two spots with volumes of $13.12 million, 17.74 percent, and $5.98 million, 8.09 percent respectively, in the BSV/ETH and BSV/USDT trading pairs. Following up is Bit-Z, which holds 7.74 percent of the global trading volume in the BCHSV/BTC trading pair.
Bitcoin SV suffered a significant downtrend earlier this week, which extended from $72.88 to $65.56. A more recent downtrend, which still ensues, is stretching from $67.83 to $64.87. Between the two downtrends, a brief uptrend was noticed from $65.59 to $68.94.
The coin’s immediate support level has increased from $62.3 to $63.62 as the market strived to recover mid-week. The immediate resistance level of the coin stands at $68.83, down from $76.35 since last week.
The Bollinger Band shows a stark decrease in the volatility of the coin as the price looks to stabilize, while the Moving Average line indicates a mildly bearish market, with a switch imminent.
The Fisher Transform indicator points to a convergence of the Fisher and the Trigger line, indicating that a switch from the bears to the bulls is forthcoming in the short-term.
The Chaikin Money Flow tool shows that investors are still unlikely to put money into Bitcoin SV as the CMF line is below 0.
Bitcoin SV’s one-day trend line is still overwhelmingly bearish since the coin hardforked and split from BCH in mid-November 2018. A downtrend overshadows the coin’s three-month trend line, which extends from $217.12 to $72.83.
The coin found immediate resistance at $114.73, which soon dipped to the new immediate resistance level of $78.96. Bitcoin SV has an immediate support level of $63.53, which the coin is just hovering below.
The Parabolic SAR continues to indicate a mildly bearish market in the long-run, as the dotted line is above the coin’s trend line but increasingly looking to converge.
The MACD line shows that Bitcoin SV is still trading with a bearish momentum since a brief bullish break during early January.
The Relative Strength Indicator shows that investors are moving away from the Bitcoin SV markets as the bears continue to dominate. However, the RSI is up to 32.94 from a low of 29.04.
Bitcoin SV proponents were buoyed by the coin’s resilience by holding above the $1 billion mark, even when the collective market swung to the bears. In the short-term, price indicators point to a bullish switchover as the price looks to rebound off the support level. However, in the long-term, the coin is still very bearish, with the two downtrends in January significantly denting its chances of an upheaval.
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Gemini outperforms Tether; stablecoins struggle as Libra’s shadow looms, finds Fundstrat report
Last week might have been the last phase of the ‘Gemini’ as Zodiac signs go. However, the twin-heads have surprisingly outperformed their stablecoin equivalent, Tether [USDT] as Libra scaled the market. With bullish sentiment emanating from Menlo Park, pushing Bitcoin [BTC] into fifth-heaven, stablecoins on the whole faltered.
According to a recent Weekly Performance Analysis by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC. Further, the same index was over the past month, down by over 35 percent and in the past 3 months, the stablecoin index fell by 175 percent.
Fundstrat, with reference to the nature of the FS CryptoFX Stable Index, stated,
“The FS CryptoFX Stable index is designed to track the performance of cryptocurrencies which are designed to be “stable.”
The Winklevoss twins’ Gemini Dollar [GUSD], which many expect to be eaten up in the Libra storm of 2020, overtook USDT on both the 1-week and the 2-week percentage price chart, a surprise to many.
USDT, despite accounting for a percentage weight of 74 percent, saw neutral movement over the past week, while GUSD inclined by a notable 1 percent. The only stablecoins that moved backwards on the seven-day change chart were the crypto-collateralized stablecoin DAI and Paxos Standard.
A similar trend was seen in the 14-day stablecoin price chart, relative to their weight, with GUSD outperforming USDT.
On the eve of the Libra announcement, the Winklevoss twins had both predicted that other FAANG companies could come out with their own coins to rival Facebook, a slightly tongue-in-cheek remark that presumably emanated out of spite over Zuckerberg once again overshadowing the Gemini founders.
Despite numerous reports on Libra’s apparent lack of one-for-one backing of USDT and the complexities around the Bitfinex-iFinex-Tether matrix surfacing in April with the New York Attorney General’s report, Tether has been performing well.
A recent Longhash report scored the top stablecoin 90 out of a possible 100, calling it “Extremely Healthy.” To add to this, a study by Binance Research stated that USDT found maximum usage among its institutional and VIP clients, operating in the books of 80 percent of the clients queried, while the next most dominant stablecoin was Circle and Coinbase-propelled USD Coin [USDC], raking in 45 percent usage.
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