The Bitcoin SV (BSV) price has accelerated during the past 4 days, reaching a new 100-day high yesterday.
During the increase, BSV also broke out above the $40 horizontal resistance area, which had been in place since July.
Bitcoin SV Clears $40 Resistance Area
The BSV price has increased alongside an ascending support trendline since reaching a low of $15.70 in June.
The trendline has been validated numerous times (green icons), most recently on October 9.
During the time BSV followed the ascending support trendline, it has traded below the $40 horizontal resistance area. When combined with the support trendline, it creates an ascending triangle, considered a bullish pattern.
It is also worth mentioning that the cryptocurrency will be listed on the Bitrue exchange today.
The altcoin’s price greatly accelerated its rate of increase on October 16, reaching a 100-day high of $43.50 yesterday. The increase also caused a decisive breakout from the $40 horizontal area.
While BSV has yet to reach a daily close above this area, it trades well beyond it.
BSV Price Prediction: Will Price Reach $50?
A closer look at the price action and the Relative Strength Index (RSI) readings supports the ongoing breakout and increase.
When evaluating market conditions, traders use the RSI as a momentum indicator to determine if a market is overbought or oversold and to decide whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.
The RSI is above 50 and increasing, both considered signs of a bullish trend. However, it is also worth mentioning that the indicator is overbought (white icon), a sign that is associated with local tops.
The most likely potential target for the top of the BSV price movement can be found by projecting the triangle’s height (red icon) to the breakout level.
Doing so gives a target of $56, 30% above the current price. Since this coincides with the $56 horizontal resistance area, it will likely act as the top.
Cryptoknight890, a well-known cryptocurrency trader on X, gives a similar target.
Despite this bullish BSV price prediction, a daily close below $40 will invalidate the legitimacy of the breakout.
In that case, a 20% drop to the ascending support line at $34 will be likely.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Source: https://beincrypto.com/bitcoin-sv-bsv-price-reaches-high/