Bitcoin SV managed to run with the market momentum and saw meager gains, as the market rose from its monthly low of $117.78 billion to cross the $120 billion mark. Barring XRP’s minor decline, the rest of the top coins in the market are seeing minimal green with Bitcoin Cash [BCH] being the highest gainer.
At press time, the nChain spearheaded project, Bitcoin SV, has edged up the US dollar by 1.37 percent and is priced at $76.27. The market cap of the BCH hardfork is on the rise at $1.34 billion, with a large gap of over $200 million re-established against the eleventh-placed Cardano [ADA].
In terms of exchange volume dominance, the top two spots are taken by BitMart, with the following BSV trading volumes: $6.94 million at 11.58 percent and $6.18 million at 10.31 percent in the BSV/BTC and BSV/USDT trading pairs respectively.
The one-hour points to a recent uptick in the BSV prices as the collective market resurged, portrayed by the uptrend extending from $75.24 to $77.61. Previously, the coin saw two significant downtrends the first, a more severe one, extending from $85.02 to $77.7, and the second one from $77.7 to $75.27.
Bitcoin SV is closing in on its immediate resistance level placed at $77.40, after shooting up from its immediate support level of $74.34. The previous support and resistance level stood at $75.95 and $78.98 respectively.
The Bollinger Bands point to an uptick in the short-term volatility of the coin, marked by its recent increase. The Moving Average line indicates a bullish swing for the coin in the short-term.
The Chaikin Money Flow indicates that investors are putting funds into Bitcoin SV, signaling a bullish market as the CMF line is above 0.
The Fisher Transform indicator points to a cross-over of the Fisher and Trigger lines as the BSV market looks bullish.
The one-day chart points to a bearish market, since the coin emerged in mid-November 2018, with stabilizing forces coming to the fore recently. The coin’s volatile price movement has subsided with relatively consistent daily changes for Bitcoin SV, following the trend of the collective market. Bitcoin SV has not managed to break the $100-price mark, nor has it fallen below $70 since the year began.
One major downtrend overshadows the coin’s one-day trend line, stretching from $219.20 to $78.43, and a brief uptrend experienced during mid-December, extending from $75.52 to $113.73. As mentioned earlier, BSV has begun to stabilize with the immediate support and resistance levels fairly close to each other at $74.67 and $84.63 respectively.
The MACD line indicates that the coin has been trading in a bearish market for most of its existence, barring a brief bullish swing in late-December.
The Parabolic SAR shows that the coin is in a bearish market as the dotted lines are aligned above the coin’s trend line.
The Relative Strength Index has not risen above the 50-mark since the coin emerged post the hardfork, the RSI at press time stands at 41.3.
The volatile spree of Bitcoin SV is likely to end as the coin begins to settle in. In the short-run, indicators point to a bullish market as the collective market looks green, however, in the long-run, since its split from Bitcoin Cash, the coin has been in a bearish market, with recent signs of market stabilization.