Despite the crypto industry experiencing significant price volatility during this month, the BSV price traded sideways, indicating a weak interest in the coin among investors. Positively, the Bitcoin SV recently gained momentum and jumped 50%, highlighting a trend reversal situation in the market.
The Bitcoin SV price traded in a closed range between $44.81 and $50.11 for a brief period, following which the bulls gained just enough momentum to break out of the range.
Following this, the price traded in a consolidated range between $50.11 and $56.48 for about a week. As the market lost momentum, the BSV coin experienced a correction in its value and broke down the support level at $50.11.
After trading sideways in a closed range for over two weeks, the BSV token recently regained momentum and jumped over 80%, indicating a strong bullish sentiment in the crypto space. Currently, the BSV token is testing its support/resistance level of $90, of which the outcome is uncertain.
Will BSV Price Continues Rising?
The MACD displayed a constant flatline for a brief period, after which the histogram recently witnessed a strong uptrend. Further, the averages show a sharp rise in the chart, suggesting a strong bullish influence in the market.
If the bulls hold the price above the support level of $90, the BSV price will regain momentum and make a run to test its resistance level of $95 soon. Maintaining the price at that level will set the stage for Bitcoin SV to attempt to test its upper resistance level of $100 in the coming time.
Negatively, if a trend reversal occurs, the BSV token will lose momentum and prepare to test its support level of $76.5 over the weekend. Further, if the bears continue to dominate the market, they will continue falling and test its lower support level of $67.61 in the coming time.