The post Bitcoin SV Price Breaks Its Major Level! BSV Price To Rally 15% Soon? appeared first on Coinpedia Fintech News
The market leader, Bitcoin price, has recorded a jump of over 4% during the early trading hours today. Following this, top tokens follow in their footsteps and record significant rises in their respective portfolios, with the BSV price adding over 4.25% within 24 hours.
The Bitcoin SV price started the year by trading in a closed range between $88.54 and $100.63 for the first few days. As the market volatility grew, the bulls broke out of the resistance level. However, the rally was short-lived, resulting in the price experiencing a pullback.
After this, the BSV price continued trading under a bearish influence for the next five days, losing approximately 30.5% in valuation. The bulls held the price above the support level of $67.61, resulting in a jump of just over 37%. Following this, the price traded in a closed range between $88.54 and $100.63 for the next three days.
TradingView: BSV/USDT
As the bearish influence increased, the BSV price lost momentum and recorded a correction of 18%, after which the price traded sideways between $76.70 and $88.54 for the next seven days. The bulls struggled to hold the price above the support level as the bear gained power, which resulted in a price breakdown.
After this, the Bitcoin SV coin traded in a closed range between $67.61 and $76.70 for three weeks, highlighting weak buying and selling pressure for the coin in the market. Recently, the bulls successfully broke out of the resistance level, indicating an increase in the price action.
Further, the Cross EMA 50/200-day shows a high possibility of a Golden Cross, suggesting the price will experience massive price volatility in the coming days.
Will BSV Price Increase?
The technical indicator, RSI, recently broke out of the overbought range, indicating a massive increase in the buying pressure for the BSV coin in the market. Further, the averages show a constant rise in the chart, suggesting the price will continue gaining value in the coming days.
If the market holds the price above its support level of $76.70, the BSV bulls will continue to rise and test its resistance level of $88.54 over the weekend. Moreover, if the bulls continue to dominate the market, it will further prepare to test its upper resistance level of $100 by the month-end.
Negatively, if the bears overpower the bulls and break down the support level, the BSV price will lose momentum and fall to test its lower support level of $67.61. Further, if the bears hold power over the market, the Bitcoin SV price will break its crucial support level and prepare to test its lower limit of $58.30 in the upcoming weeks.