Is Bitcoin SV About to Crash? BSV Price Tumbles as New Bitcoin Project Secures $11 Million
In the latest pre-halving development, leading hard-fork project Bitcoin SV has taken a minor localized tumble.
This article will provide an analysis of BSV’s current price trends and look to see whether a newer meme coin, Meme Kombat, represents a more promising investment opportunity at this time.
$BSV has been more profitable to mine for pretty much all of February #Bitcoin pic.twitter.com/qbjLNzuOWm
— ₿art Harley Jarvis (@bartharleyxbt) February 18, 2024
Surging BSV price could be connected with an uptick in Bitcoin SV mining activity, which has seen profitability outperform Bitcoin over the past month, setting the stage for a strong year ahead.
As price action reels from the recent downtick, Bitcoin SV is currently trading at a market price of $78 (representing a 24-hour change of +0.42%).
Retracement comes in the midst of a -11% localized retracement after price action stalled at local resistance around $82.20.
However, this has left price in good form atop the 20DMA (which is sat at $75.95), poising price for upside price action ahead as BSV trades firmly in its bullish pennant pattern.
Meanwhile, in a further bullish sign, the 200DMA remains in ascendance around $52 – limiting downside risk and signalling continued technical strength.
Recent downside moves have played well for BSV’s indicators, with the RSI cooling-off to a neutral 52.50, suggesting price action now has the capacity for a big upside move.
This receives additional confirmation from the MACD, which highlights minor bullish momentum at 0.12 – suggesting price is shifting to the upside.
Overall, BSV price analysis reveals a very positive outlook on the short-time frame with retracement risk reduced by the 20DMA’s support, and all indicators suggesting that
Read more on cryptonews.com
