Bitcoin SV [BSV] Price Analysis: Coin reaches an impasse as prices fail to consolidate

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Bitcoin SV, the eleventh largest cryptocurrency in the world, dropped after the price hike on 21 March. At press time, the price of the token was $65.29 and it fell by 1.77% against the US dollar. The market capitalization recorded was $1.15 billion, and the trade volume over the past 24 hours was around $78 million.

1-hour

Source: Trading View

The coin showed a significant downtrend as the price failed to consolidate during the earlier uptrend seen on March 21. The coin went up the price scale to $68.468 from $67.392. Following this, the downtrend brought the token’s valuation down from $67.052 to $66.259.

The Bollinger Bands were seen diverging from each other and implied a volatile period for the coin’s price.

The Fisher Transform markers pointed towards a bearish trend for the coin at press time, as the red line remained above the blue line.

The Relative Strength Index or RSI signified that investors were moving out of the coin’s market as the token was oversold on the short-term chart.

1-day

Source: TradingView

The long-term chart showcased continuous sideways movement, with the price moving between the resistance at $75.609 and the support line at $61.633. The uptrend took the coin’s valuation from $67.658 to $75.725, and an immediate downtrend navigated the token’s value to $70.061 from $76.639.

The Parabolic SAR aligned over the candlesticks and implied that the trend would remain bearish.

The MACD line and the signal line remained in close proximity. The indicator pointed towards a bearish trend as the red line hovered just above the blue line.

Chaikin Money Flow or CMF indicated a drop in cash inflow as the CMF line remained below the zero-line.

Conclusion

Bitcoin SV continued to tread sideways in terms of price valuation and failed to indicate a clear picture. The short-term chart pointed to a further fall in prices, but the long-term chart indicated a stabilized period for the token’s future.


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Biraajmaan Tamuly

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.

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