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Bitcoin SV {BSV} grapples for support as popularity on Twitter dwindles

Bitcoin

A short while back, the number of daily transactions on the BSV network rushed past those on Bitcoin’s and Bitcoin Cash’s chain. This was an achievement that was a cause for celebration for the entire community. Although the fact that BSV’s transaction volume is nowhere near that of Bitcoin and Bitcoin Cash should also be examined.

Bitcoin SV is ranked at #9 to the north of Stellar and TRON in the market. The price sunk at a rate of 0.74% in the course of the past 24-hours. This led to BSV dropping all the way down to $84.99 where it currently holds. The trading volume recorded stands at approximately $212.174 million, whereas the supply has 17,854,986 BSV coins in play as of this very moment. The total market cap of Bitcoin SV amounts to $1.517 billion.

According to the candlestick chart connected to the BSV/USDT pair on tradingview [based on data obtained from the Huobi Exchange], the consolidation period is still ongoing. In the aftermath of September, the peaks tied to the Awesome Oscillator all possessed the green shade, signifying the existence of bullish pressure. From 7th October onwards, the MACD line started prancing north of the signal line, leading to the histogram switching sides and shade [from red to green].

The daily RSI sits at 32.6 which indicates that Bitcoin SV has exited oversold territory. The Ichimoku Cloud has remained crimson, although it has gradually decreased in width since the end of September. Support may be found adjacent to the $79.262 level, whereas resistance may be felt if BSV can afford to sail towards the $87.4345 mark.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.