Bitcoin SV, the stubborn hard fork of a Bitcoin hard fork, has now become a supporting pillar among the top 10 coins in the cryptocurrency market. Currently in eighth place with a $ 3.41 billion market cap behind its big brother Bitcoin Cash with a $ 4.3 billion market cap.
In terms of BSV's price, there still seems to be a high level of volatile pumps and landfills on the market. In the short term, the price rose from $ 152 to nearly $ 200 in less than three days, a move of 31.2 percent. Since then, however, the price has been unstable, dropping to a low of $ 177 and trading with an almost parallel wedge.
Since reaching the $ 197.71 resistance level, the price has moved to form lower highs and higher lows. The highs formed at $ 192, $ 189, and most recently at $ 185, while the lows (which started a day after the highs) were seen at support levels of $ 177, $ 178.5 and $ 182, respectively. Needless to say, the ups and downs come closer and move into a narrower zone.
This wedge is also accompanied by a massively decreasing volume. The 24-hour trade takes place on the day of the move, between July 8 and 10 volume The BSV was over $ 2 billion, more than the daily volume of top altcoins like XRP and Litecoin. After the price movement above USD 190, the volume traded was halved in times of low volatility and reduced to USD 870 million.
The Relative Strength Indicator for Bitcoin SV is having trouble getting to the top. During the pump, it shot up to 90 before falling below 30 two days later, though the price dropped $ 20. When the price moved from $ 177 to $ 188, the RSI rose above 70 again and has now dropped to 48.87. The Bollinger bands for the old coin are now closer together, which indicates low volatility.
With coins like Bitcoin SV that are not traded on the major exchanges, pumps and dumps often occur, as does the small volume. That being said, the wedge on the one-hour chart is likely to fall apart with continued and decreasing volume, if that's what is likely after a 30 percent pump in the past week, the first level of support is $ 177, and if so falls, BSV could drop to $ 150.