Bitcoin Satoshi Vision (Bitcoin SV) has enjoyed a short-lived rally over the past month, after almost two years of downside slide, but will the recovery flop-or-fail?
Launched in 2018 as a hard fork of Bitcoin Cash, Bitcoin SV, was originally launched on the promise of bringing Bitcoin technology back closer in-line with the original ideas of pseudonymous founder Satoshi Nakamoto.
However, despite the ambitious launch – which boasted one of the fastest ledgers in the space with the ability to process more than 50,000 transactions a second – things have been bleak.
Legions of holders have endured more than two years of downside price action since the heights of May 2021.
Bitcoin SV Recovery: Sink or Swim?
But in a recent twist to the two years of decline, there has been a brief hiatus rally over the past month – with a surprising +120% rally at the end of June.
Price action pushed up dramatically, to touch hard resistance at $55, a level not seen since September 2022 (pre-FTX saga).
But strong resistance at this level rejected price action, sending the price of BSV tumbling -35% back down to support at the 200DMA over the past two weeks.
With Bitcoin SV now trading at $36.50 (+1.39% since market open) many are wondering is BSV is destined to go to zero.
Indeed, now under a ceiling of localised resistance from both the 20DMA and 200DMA, price action will struggle to push up high once more.
And despite the emerging consolidation pattern over the past 4 days, BSV’s indicators provide few reasons to be cheerful.
The RSI is still sat on the fence at 45, showing little capacity to move up, and worse still the MACD is showcasing minor bearish divergence at -1.19 – adding propensity to the idea BSV is once again heading south.
Best Alternative to BSV? Leverage AI to Gain a Competitive Edge with yPredict ($YPRED)
As the world of crypto trading grows increasingly complex, smart investors look to leverage the power of technology to gain a competitive edge.
Enter yPredict ($YPRED), an AI-powered crypto trading platform, set to revolutionize the retail markets.
Harnessing advanced machine learning algorithms, yPredict enables traders to identify patterns, predict trends, and receive real-time signals, creating a more informed and proactive trading environment.
The platform’s AI models provide real-time signals, pattern recognition, and key insights, offering traders a crucial advantage in the highly volatile crypto market.
How yPredict ‘All-in-One’ ecosystem can Supercharge your Trading Analysis with AI
The ongoing presale of yPredict’s native token, $YPRED, is an unprecedented growth opportunity for retail traders.
With $YPRED, traders gain access to premium features and earn 10% of the fees, fostering a sustainable investment cycle.
Already in Stage 7, the presale offers tokens at an attractive $0.1, with a listing price set at $0.12, providing early investors with a promising ROI.
Invest in $YPRED now and join the AI revolution in crypto trading, yPredict is transforming the future of crypto trading, offering an exciting, innovative platform for retail traders to gain an edge in the market.
Buy $YPRED Here
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
Credit: Source link
