- The BSV price is sinking amid the BTC dominance over the daily and hourly price chart. The coin needs its bulls now.
- The crypto asset is moving below the 20, 50, 100 and 200 days moving average.
- The BSV/BTC pair is at 0.002551 BTC which is at an insignificant loss of 0.43%.
The BSV price after a slow recovery is now declining amid the bearish pressure over the daily price chart. The coin needs to gather its bulls to overcome this bearish dominance or else the price will fall, this can lead to losing interest of investors to the coin.
A major reason for this movement of the coin can be the domination by the leading cryptocurrency BTC, which is a major dominator among the market. As the BTC started rallying bearishly, the other alt coins also started doing the same. Analysts believe the BTC may fall further which will make the rest of the market fall. The coin needs its bulls now to oppose this dominance.
The current price for one BSV coin is trading at $50.97 which is at a gain of 1.58% in its market capitalization in the last 24 hrs. The coin has a trading volume of 46 million which is a gain of 5.72% in the 24 hrs trading session and a market cap of 974 million. The volume market cap ratio of BSV is 0.04804.
Short-term Analysis
The short term (4 hrs) analysis shows the same downtrend movement of the coin. This signifies the bears are giving hard time to the whole crypto market. The potent coins are sinking which is a matter of concern amongst investors these days.
The MACD indicators indicate a bullish movement as the histograms are rising green and the gap between the MACD and MACD signal line is increasing continuously, which signifies the buyers are activating. On the contrary, to that, the relative strength index is indicating a selling pressure over the coin as the RSI line is diving. The RSI value is nearly equal to 45. Whereas the selling volume is increasing continuously.
Conclusion
The BSV price after a slow recovery is now declining amid the bearish pressure over the daily and hourly price chart. A major reason for this movement of the coin can be the domination by the leading cryptocurrency BTC. Once again BTC is below the mark of 20K. The technical indicators over the hourly graph are being manipulative this time so investors need to wait for a directional change.
Technical levels
Resistance levels: $55.7 and $59.8
Support levels: $48.6 and $44.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
