- The token is trading below the demand zone on the daily time frame.
- The pair of BSV/USDT is trading at the price level of $44.77 with a gain of 0.98% in the past 24 hours.
On the daily time frame, the token has retraced to its previous demand zone and is facing resistance. The BSV token is trading in a range and will make a significant move if it breaks out in either direction.
BSV on the daily time frame
Bulls are attempting to reverse the long-term downward trend of the token, which has come to a halt. The daily chart shows that BSV token is now up 0.98% in the last 24 hours, trading at $44.77. It is trading between its 50 EMA and 200 EMA key Moving Averages. (The blue line is 200 EMA, the red line is 50 EMA.) Let’s see if the token can break above the $47.06 resistance level in the coming days.
Relative Strength Index: The asset’s RSI curve is currently at 54.74, which indicates that it is in the overbought zone. The upward crossing of the 14 SMA by the RSI curve indicates bullishness. The value of the RSI curve will increase even more if the token is successful in breaking over the resistance level in the upcoming days and continuing its bullish momentum.
Analyst view & Expectations
The token is trading at a crucial level, and if it breaks above it, it will enter a short-term uptrend. To get more confirmation on the trend’s direction, investors should wait for the token to break over the resistance level of $47.06. Intraday traders, on the other hand, have a good opportunity to go long when the token breaks above the resistance level and book profits based on their risk-to-reward ratio.
According to our current Bitcoin SV (BSV) price prediction, the value of Bitcoin SV (BSV) is expected to climb by 1.05% in the next few days, reaching $ 45.28. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 52. (Neutral). Over the previous 30 days, Bitcoin SV had 15/30 (50%) green days and 3.19% price volatility. According to our Bitcoin SV forecast, now is not the time to buy Bitcoin SV.
Technical Levels
Major support: $40.56
Major resistance: $47.06
Conclusion
On a daily time frame, the token is facing resistance at the previous demand zone. It remains to be seen if the token price can bounce from the long-term demand zone or break through and drop. 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.
Source: https://www.thecoinrepublic.com/2023/01/20/bsv-price-analysis-can-the-token-break-through-the-47-06-level/