BSV Price Analysis: Token faces strong resistance at the 50 EMA
- The BSV token price is trading below the demand zone on a daily time frame.
- The pair of BSV/USDT is trading at the price level of $43.470 with a gain of 0.60% in the past 24 hours.
So far, 2022 has been a difficult year for cryptocurrency, and bitcoin sv (BSV) has battled alongside the market. After reaching $125.23 on January 2nd, the overall direction of movement was downhill. Things worsened in May with the depegging of the UST stablecoin, the collapse of the related LUNA cryptocurrency, and the following market crash.
BSV on the daily chart
Source: TradingView
The token’s overall outlook is bearish, with price forming lower highs and lower lows. As can be seen, BSV is presently trading at $43.470, up 0.60% in the last 24 hours. It is now trading below its key Moving Averages of 50 and 200. (Red line is 50 EMA and the blue line is 200 EMA). Token is encountering strong resistance at the 50 EMA; it tried to cross the 50 EMA but was unable to hold above it. On a daily time frame, the token is trading below the demand zone.
Relative Strength Index: The asset’s RSI curve is now at 51.61. The value of the RSI curve dropped as the token retraced to its demand zone and began declining from there. The RSI curve has crossed above the 14 SMA. As the indicator gains momentum, we may see the token cross over the 50 EMA. once more.
Analyst view & Expectations
Token is trading below the demand zone and is continually facing strong resistance at the 50-day moving average. The token’s price rose, but it was just a pullback till the demand zone, after which the token’s downhill path continued. Investors should avoid buying now and instead wait for the token to trade above the demand zone. Intraday traders, on the other hand, have a good opportunity to go short if the token trades below $40.5 and can achieve the target of $37.
According to our current Bitcoin SV(BSV) price prediction, the value of Bitcoin SV(BSV) is expected to rise by 13.60% in the next few days, reaching $ 49.03. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 25. (Extreme Fear). Over the previous 30 days, Bitcoin SV(BSV) has 15/30 (50%) green days and 4.07% price volatility. According to our Bitcoin SV(BSV) forecast, if Bitcoin SV goes above the demand zone, it’s a good time to buy.
Technical Levels
Major support: $40.5
Major resistance: $48
Conclusion
On a daily time frame, the BSV token price has fallen below the demand zone. The BSV token price is forming a bearish chart pattern based on the price action. Investors should wait for a clear indication before acting.
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.
