Market correction has hit Bitcoin SV [BSV] quite hard after the coin added $150 million to its market cap over the past few days. The coin now finds itself as the biggest loser among the major coins. Bitcoin SV’s bearish return has allowed Cardano [ADA] to go ahead and take the eleventh spot on the global coin ladder, despite its own fall.
Bitcoin SV is now falling by almost 4 percent against the US dollar and is trading at $66.39. The market cap of the coin stands at $1.17 billion, down from a high of $2.29 billion less than 15 hours ago. The coin is now trailing Cardano by less than $20 million.
In terms of exchange dominance, Bit-Z holds the most BSV trade volume, accounting for $17.86 million, or 14.08 percent, via the trading pair BCHSV/BTC. It is followed by BitForex and IDCM, holding $10.92 million or 8.61 percent and $10.49 million or 8.27 percent in the trading pairs, BSV/USDT and BCHSV/USDT, respectively.
After three successive uptrends, Bitcoin SV has been pegged down with a decline that began at $70.32 and still persists at press time. The most significant uptrend stretched from $63.19 to $71.31.
Bitcoin SV’s immediate support was found and recorded prior to the market correction at $62.83. The coin faces an immediate resistance at $71.29.
The Bollinger Bands suggest increasing volatility due to the rapid price decline, while the Moving Average line shows that the coin is under a bearish spell.
The Relative Strength Index indicates that investor interest in the coin is declining, with the RSI dropping from $78.04 to its current valuation of $41.14.
The Awesome Oscillator shows that the coin is trading below 0. Given that the concluding bars are overwhelmingly red, bearish movement is in the offing.
The coin has faced a severe downtrend since mid-December, which has stretched from $112.76 to $66.04. Prior to the same, the coin had gone up from $74.35 to $117.72, giving investors false hope.
Bitcoin SV finds long-term resistance at $69.81, which the coin broke through and fell below during the recent rise. The immediate support level of the coin stands at $61.56.
The Parabolic SAR still shows bullish tendencies for the coin in the one-day chart, as the price has not been shot down considerably.
The Chaikin Money Flow tool shows that the funds pumped into BSV have declined, as the CMF line is below 0.
The Fisher Transform tool shows that the coin is in the middle of a bullish spree, as the Fisher line is over the Trigger line.
Bitcoin SV was trading with bullish momentum as nearly $10 billion was added to global market cap over the past few days. Following this green wave, the market has begun correcting itself that has affected BSV more than the rest of the market, making it the biggest loser against the US dollar among major coins.
This has allowed Cardano to take over. In the short term, bearish tendencies are very likely, whereas in the long-term the coin is bullish due to the coin’s recent price movements.