Is It Too Late to Buy Bitcoin SV? BSV Price Spikes Up 4% and AI Project Launchpad Raises $1.5 Million – Just 24-Hours Left
Bitcoin SV (BSV) is battling key resistance from the 20DMA, as bulls attempt to secure a foothold amid a retracement move.
This comes following an explosive move for BSV, which shot up +38% last week as DEX markets chased Bitcoin's short-lived recovery to $27,720 - in a move that saw off-shoots like BITCOIN and BTC20 pump.
The Bitcoin pump was triggered following a court ruling that the SEC failed to adequately explain their rejection of Greyscale's application for a Bitcoin Spot ETF.
It appears that trader sentiment surrounding the Bitcoin SV hardfork is still on the fence, with smart money awaiting better confirmation of technical recovery before making an entry.
BSV Price Analysis: Is it Too Late to Buy Bitcoin SV?
Amid the downside slide, Bitcoin SV is trading at a current market price of $30.50 (representing a 24-hour change of -0.42%).
This comes in the aftermath of a -12% retracement move, which was triggered by a failure to flip the 20DMA to support on August 31.
Downside action has dominated Bitcoin SV price action since July 1, which saw BSV shoot-up to hit a local high at $52.56.
The -45% decline since has been dramatic, with both a golden cross (July 7) and a death cross (July 30) appearing on the chart.
With the 20DMA sat descendant under the 200DMA, it seems likely that downside movements could continue.
However, an attempted consolidation above $30.50 could provide footing for another test of resistance at the 20DMA.
Indicators provide some relief, with BSV's RSI sat at a low oversold signal at 42.26, while the MACD retains minor bullish divergence at 0.13.
With indicators sounding a bullish signal, if the 20DMA flips to support then BSV has an upside target at the 200DMA around $35.50 (a potential +16.4%).
But, if downside slide continues then a visit to $25 is likely on the cards (a potential -18%).
This leaves Bitcoin SV with a risk: reward ratio of 0.91, an unattractive entry with outsized downside risk dominating the trade.
Yet, while BSV bag-holders fight for survival at the 20DMA, an emerging AI analytics app has hooked the attention of markets on the promise of market beating insights.
Launchpad XYZ: Just 2 days to Join AI Insight Platform Used by Pro Traders
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At the heart of the Launchpad XYZ ecosystem lies the $LPX token - holders who stake a minimum of 10,000 tokens can reap numerous benefits, including substantial fee discounts, exclusive early access to NFT mint whitelists and presales, beta play-to-earn game launches, as well as cool community prestige badges.
The platform's intention to list LPX on major cryptocurrency exchanges is expected to drive significant demand for the token.
Following the introduction of its primary features in Q3 2023, Launchpad XYZ anticipates substantial user adoption.
With its maximum token supply of 1 billion, $LPX is set to launch on crypto exchanges later this year with a fully diluted market cap of $70 million. This makes it a platform to watch in the rapidly evolving crypto industry.
Given its comprehensive suite of features and ambitious vision, Launchpad XYZ is set to break barriers and redefine the crypto space.
As it facilitates an inclusive Web3 ecosystem, the $LPX token is proving itself a promising opportunity for investors. Whether you're new to the crypto world or a seasoned investor, Launchpad XYZ is one platform you can't afford to overlook in 2023.
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.Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.