Bitcoin SV, Bitcoin’s persistent hard work has now become a mainstay in the top 10 coins in the cryptocurrency market. It is currently ranked eighth with a market capitalization of $3.41 billion, behind its big brother Bitcoin Cash which has a market capitalization of $4.3 billion
Looking at the price of BSV, there still seems to be a high volatility of pumps and landfills in its market. In the short term, the price has risen from $152 to nearly $200, an increase of 31.2%, in less than three days. Since then, however, the price has been volatile, falling to a low of $177 and trading in a near-parallel corner
Since reaching the resistance level of $197.71, the price has evolved into lower highs and higher lows. The highs have been reached at $192, $189 and more recently at $185, while the lows [which began to form one day after the highs] have been observed at a support level of $177, $178.5 and $182, respectively. Needless to say, the highs and lows are moving closer to each other, moving closer to a narrower area
This wedge is also accompanied by a massively declining volume. On the day of the transaction, between 8 and 10 July, BSV’s 24-hour trading volume exceeded $2 billion, more than the daily volume of the top-ranked altcoins such as the XRP and the Litecoin. As a result of the $190 price increase, trading volume was halved to $870 million during a period of low volatility
Bitcoin SV’s relative strength indicator is having trouble rising. During the pump, it reached 90%, before dropping below 30% two days later, despite the 20% drop in price. When the price dropped from $177 to $188, the RSI jumped again by more than 70, and is now down to 48.87. The Bollinger Bands for Altcoin have now moved closer together, indicating low volatility.
For coins like Bitcoin SV that are not traded on major exchanges, pumps and dumps are common, as are small volumes. That being said, the corner of the one-hour chart is likely to collapse with persistent and decreasing volume, if this is the case, which is likely after a 30 percent pump over the past week, the first support level is at $177, and if this falls, the MBS could return to $150