BSV Price Analysis: Will BSV Price start consolidating?
Bitcoin SV (BSV) is currently trading under bearish pressure. In the last 24 hours, the BSV price increased by 9.62%, and currently stands at $35.66, with a change of -42% in trading volume. This bullish phase may take a bearish turn, as the price has been trading under the major key EMA (Exponential Moving Average) levels. BSV will need significant support from buyers to break above its long-term critical resistance levels.
Investor Sentiment and Social Engagement Rate
Investor interest in BSV tokens has declined across most social media platforms, according to the total social engagement metrics provided by LunarCrush. Despite the significant 828% surge in Total Social Engagement rates in the last few weeks, bearish investor sentiment has increased by 316%. Meanwhile, bullish sentiment among buyers regarding BSV price remains strong.
Source: BSV/USDT by LunarCrush
BSV has been trading under a severe downtrend for the last 12 months. The price is currently trading just below all major key EMA levels at -20, -50, -100, and -200. After breaking its consolidation pattern, BSV attempted to make a positive breakout with an extremely bullish candle. However, buyers took control of the BSV price after a retest from 200 EMA.
The BSV price is facing critical resistance from 100 EMA
Source: BSV/USDT by TradingView
The RSI (Relative Strength Index) line is consolidating near the median line, moving within a narrow range. Its current value is 51.86 points, with the 14 SMA providing support at 43.79 points. If the RSI line successfully crosses below the 14 SMA, the price may experience further decline soon.
The Stochastic RSI is giving a bullish crossover near the median line. The %K line may provide a positive crossover to the %D line. The current value of the Stochastic RSI is 51.86 points.
Technical levels
Support: $32 to $35
Resistance: $40 to $52
Conclusion
Currently, the BSV price is trading within a narrow consolidation pattern. Most technical indicators are signaling bearish sentiment. Recently, there has been increased price volatility with long candle wicks and sudden movements. Breaking past its recent barriers may prove challenging for bulls in the near future.
Disclaimer
The views and opinions shared by the author, or any individuals mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with the risk of financial loss.
