A lot of exciting cryptocurrency market momentum is taking place all of a sudden. Various alternative markets are moving up in quick succession.
The biggest riser of the day so far is bitcoin sv. For reasons unknown, the bitcoin sv price has gained roughly 15% and overtook binance coin in market cap.
Bitcoin SV Price Surge
It is not too uncommon to see altcoins randomly break out of their sideways trading momentum. In the case of bitcoin sv, that momentum seems to come at a bit of an odd time. Even before bitcoin recovers some lost value, this altcoin moves up by roughly 16% and shows no signs of slowing down just yet.
With the bitcoin sv price jumping from $115 to $135 in quick succession, the tone has been set. All of this is happening with a healthy influx of trading volume. BSV Is primarily trading against Tether’s USDT in terms of top volume. Trading activity on MXC, BigOne, BiBox, OKEx, and Huobi generates most of the volume.
Perhaps the most impressive development is the market cap ranking shake-up. Bitcoin SV has officially overtaken binance coin in market cap valuation. Albeit just $15 million separates the two, it is a remarkable trend regardless. If this push can remain in place, overtaking EOS in market cap becomes a likely possibility. That would require another 20% increase in value, however.
Technical Indicators for BSV/USDT
Bollinger Bands: There hadn’t been much BB action on the bitcoin sv price chart since January 7. At that time, a minor dip had just completed its course. Ever since, BSV went into sideways accumulation mode, similar to most other alternative cryptocurrencies on the market today.
As the BBs are now wide open, there is a chance the overall short-term volatility will increase. While BSV is still pushing higher, there will be a retrace at some point. Finding the new support level will be difficult, as anything above $117 is fair game right now.
Moving Averages: Not too much can be extracted from the moving averages today. The MA20 remains above the MA50, albeit only barely. The MA200 still shows an upward trend on the hourly candle chart.
Things are a bit different on the daily bitcoin sv price charts. It shows that the MA20 is crossing over the MA50 in a bullish manner. While the MA200 is still sloping down, that momentum appears to have flattened somewhat.
RSI: Regardless of which type of chart one looks at, the BSV RSI is clearly in overbought territory. That is not a bad thing, albeit it will limit the potential uptrend somewhat. Breaking the resistance just below $140 will not come easy, but nothing is impossible.