Key takeaways
- BSV is enjoying a good run after adding 6% to its value this week.
- The coin could rally towards the $40 psychological level soon amid strong technical indicators.
Bitcoin SV breaks into the top 100
Bitcoin SV (BSV) is a hard fork of the Bitcoin Cash cryptocurrency and is mirroring its performance. Bitcoin Cash is up 20% this week, while Bitcoin SV has become one of the top performers over the last few days.
BSV is up 6% in the last seven days, allowing it to break into the top 100 cryptocurrencies list. With a market cap of $634 million, Bitcoin SV could soon surpass IOTA, GALA, Sandbox, and Lido to become the 90th-largest cryptocurrency by market cap.
At press time, the price of BSV stands at $32, but the coin could rally towards the next resistance level at $40 in the coming days or weeks. The positive performance comes despite the ongoing conflict between Iran and Israel, which has disrupted the global financial markets.
BSV could rally towards $40 soon
While Bitcoin Cash is rallying to new yearly highs, BSV could also rally higher after losing nearly 30% of its value over the last three months. The technical indicators are turning bullish, indicating that the bulls are gaining control of the market.
At press time, BSV is trading at $32.11. The Moving Average Convergence/Divergence indicator is still within the negative region but is heading into the positive zone. This shows that buyers are regaining control of the market following weeks of selling pressure.
The relative strength index of 45 also shows that BSV is heading into neutral territory. This could see BSV rally higher in the near term. If Bitcoin SV breaks above the $40 resistance level, bulls could push it higher towards the $46 mark.
Currently, the daily candle is bullish, with the corresponding lower timeframes also supporting buying pressure.
