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11 months ago
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ARTICLE AD BOX
The post Bitcoin SV Price Records New Yearly High! Will BSV Price Hold On To Gains? appeared first on Coinpedia Fintech News
Despite the crypto industry experiencing significant price volatility during this month, the BSV price traded sideways, indicating a weak interest in the coin among investors. Positively, the Bitcoin SV recently gained momentum and jumped 50%, highlighting a trend reversal situation in the market.
The Bitcoin SV price traded in a closed range between $44.81 and $50.11 for a brief period, following which the bulls gained just enough momentum to break out of the range.
TradingView: BSV/USDTFollowing this, the price traded in a consolidated range between $50.11 and $56.48 for about a week. As the market lost momentum, the BSV coin experienced a correction in its value and broke down the support level at $50.11.
After trading sideways in a closed range for over two weeks, the BSV token recently regained momentum and jumped over 80%, indicating a strong bullish sentiment in the crypto space. Currently, the BSV token is testing its support/resistance level of $90, of which the outcome is uncertain.
Will BSV Price Continues Rising?
The MACD displayed a constant flatline for a brief period, after which the histogram recently witnessed a strong uptrend. Further, the averages show a sharp rise in the chart, suggesting a strong bullish influence in the market.
If the bulls hold the price above the support level of $90, the BSV price will regain momentum and make a run to test its resistance level of $95 soon. Maintaining the price at that level will set the stage for Bitcoin SV to attempt to test its upper resistance level of $100 in the coming time.
Negatively, if a trend reversal occurs, the BSV token will lose momentum and prepare to test its support level of $76.5 over the weekend. Further, if the bears continue to dominate the market, they will continue falling and test its lower support level of $67.61 in the coming time.
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