As the price of Bitcoin faces a huge concern in the industry, many other altcoins have been failing on the price charts.
Bitcoin SV as of now has been looking at a strong devaluation, and at press time, after a great recovery effort, it was being traded last at $166.16. Moreover, the overall sentiment in the market as of now appeared bearish; thus, there could be a benefit in taking a long set of positions in a short time period.
Bitcoin SV 1-hour chart
As of now, the above chart of Bitcoin SV being highlighted a downtrend within a descending channel. The asset was even valued at $207 before it is being trended lower, and it sank as low as $150. Moreover, the price has been managed to bounce back up, and as of now looks like there could be a higher recovery in the market and long positions that could be realized.
Reasoning
The RSI (Relative Strength Index) which is being indicated that the sudden price drop has pushed the asset into the oversold zone. After dropping the future in the oversold zone, there was a final recovery set in motion, and the coin has come out of the oversold zone.
As the BSVmoves towards the part of equilibrium, the price of the digital asset may also increase in the short term period. Since the resistance is even marked at $169.89 and support remained at $163. Thus there could be a marginal increase in its value.
To Sum Up
Furthermore, even though the bearishness prevails in the BSV market, there could be minimal recoveries noted to balance out the selling pressure in the market. The price of the asset may even further consolidate in the short term, given the immediate resistances and supports marked close at this level.
Also Read: Ripple Price Analysis: Traders are buying XRP like crazy
