BSV Price Prediction: Will It Survive this Consolidation Phase and Break Above $50?

Over the past month, cryptocurrencies have been growing in value. However, Bitcoin SV (BSV) price has been consolidating inside the horizontal price bracket region. The price of BSV cryptocurrency is trading at the 50 and 200-EMA but is still below the 100 and 200-day EMA. Can it survive this consolidation stage and scale up?

BSV Price Forecast: Can BSV Break Above the $50 Mark?

The price of BSV is dramatically plunging into the bottom zone of the consolidation phase despite the bulls’ best efforts. BSV must build a sizable bullish support base before ascending to the upper level. After a thrilling ride on the price roller coaster, BSV is still positioned on the daily price chart between $43.77 and $65.

To move faster toward the upper trend of the horizontal range-bound area over the daily price chart, the price of the BSV coin must entice more buyers. To reverse the trend, the token must attract massive numbers of buyers. But just now, the token is dropping over the daily chart. Volume change must improve for BSV to climb significantly; it is now below average.

With a 24-hour trading volume of $93,530,880, the Bitcoin SV (BSV) price is $43.43 at the time of writing. In the last 24 hours, the price has increased by 0.6580951128696166%, and in the previous week, it has decreased by -1.1184722205172675%. Currently, BSV has 19 million BSV tokens in circulation and a market valuation of $844,394,737.

BSV/USD Chart Analysis and Prediction

The bulls are still struggling to gain traction as the price of Bitcoin SV continues to float around the 50-day and below the 200-day moving averages. As a result, further market declines caused the coin to fall below moving averages, with $40 as the next local support. However, the pullback is likely to be constrained by this level, which will also act as the starting point for another bullish wave.

However, with the following focus on resistance levels around $50, $55, and $62, the buy-off is likely to gather momentum. On the upside, the initial resistance might be generated above the 50-day moving average to reach the closest resistance level of $50. Even though the daily Relative Strength Index (14) plummeted into the 40-level, signaling bullish signs. The continuing positive advance may reach the $55, $56, and $57 resistance levels of our prediction.

The price of Bitcoin SV is still in a range as the coin depreciates toward the 50-day moving average. The relative strength index (14) is trading slightly above the 50-level, but the bulls cannot keep the market above the moving averages. Currently, the 50-day moving average acts as a support. Should it hold well, then the upward move is inevitable.

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