BSV Price Analysis: Will BSV Price start consolidating?

BSV is currently trading under the influence of bears at present. The price is recording an increase of 9.62% within the past few weeks though this bullish phase of the market may take a bearish turn. There is a recent sharp surge in the bearish sentiments of the market; the price of Bitcoin SV has been trading under the major key EMA levels and it will require significant support from the buyers to break above its long-term critical resistance levels.

The Sentiment of Investors and Social Engagement Rate

Source: BSV/USDT by LunarCrush

The Investors are recording a decline in their interest regarding BSV tokens across most of the social media platforms, as per the total social engagement metrics provided by LunarCrush. The Total Social Engagement rate is experiencing a significant surge of 828% within the last few weeks. Though there is an increase in the bearish sentiments of the investors by 316%, it is comparatively low to the bullish sentiments of buyers across the market regarding BSV price.

BSV price has been trading under a severe downturn for the last 12 months. The price is trading just below all the major key EMA levels -20,-50,-100,-200. Price. It recently attempted to make a positive breakout with an extremely bullish candle after breaking its consolidation pattern. However, it was proven futile when the buyers took control of BSV price after a restest from 200 EMA.

The BSV price is taking critical resistance from 100 EMA

Source: BSV/USDT by TradingView

The RSI line is presently consolidating near the median line and it is moving within a narrow range. The current value of the RSI line is 51.86 points; the 14 SMA is providing support at 43.79 points. The RSI line has recently taken a reversal from the oversold level if it is successful in crossing below 14 SMA the price may see a further decline in the near future.

The Stochestic 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 Stochestic RSI is 51.86 points.

Technical levels –

Support –$32 to $35

Resistance – $40 to $52

Conclusion

As of now, the BSV price is currently trading within a narrow consolidation pattern. The majority of technical indicators are trading in the bear’s favor at present. Recently the price has been volatile with long candle wicks and sudden movements. Breaking past its recent barriers may prove to be slightly challenging for the bulls in near future.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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