The cryptocurrency market opened today, November 9, to almost all the cryptocurrencies seeing red. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] all witnessed a price bleed after a few days of price hikes. At the time of writing, there was a systematic fall across the cryptocurrency spectrum.
The Tron one-hour graph shows the cryptocurrency forming a triangle with the uptrend and downtrend acting as the slopes. The price uptrend saw the price rise from $0.0232 to $0.0247 while the downtrend saw Tron falling from $0.0248 to $0.023. The immediate resistance was holding at $0.0248, while the support has been maintaining at $0.0215.
The Parabolic SAR points to the price dropping which is evidenced by the markers being above the candles. This trend has been persistent for more than 24-hours.
The Chaikin Money Flow indicator shows the graph right at the axis, which still puts the cryptocurrency in the bullish zone. The fall from the top of the graph also indicates the money going out of the market due to the change in investor sentiments.
The Tron one-day graph shows the coin suffering an acute downtrend which has bought the price down from $0.0571 to $0.0231. The support for the cryptocurrency has been holding at $0.0182.
The Bollinger band shows the dominant sideways movement as indicated by the strict pipe like the formation of the upper band and the lower band. Compared to the earlier breakouts, the currency Bollinger clouds have significantly reduced in size.
The Awesome Oscillator has shown a drastic reduction in the market momentum with the graph almost negligible now. The immediate green markers point to a hike in the momentum.
The above-mentioned indicators majorly point to the current sideways price movement persisting. The Chaikin Money Flow indicators, on the other hand, shows a positive change in the investor sentiments.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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