This week featured blended sentiments amid a consolidation section, with the worldwide cryptocurrency market cap dropping from $1.66 trillion to $1.65 trillion. Some belongings bucked the pattern, whereas others succumbed to bearish stress.
High cryptocurrencies — Bitcoin SV (BSV) Bitcoin Money (BCH) and FTX Token (FTT) — stood out.
BSV crosses $100
Bitcoin SV was probably the greatest performers this week, however its early value actions weren’t completely encouraging to market watchers. The token started the week with a 4% enhance, however shed off these good points when it dropped 2.05%.
This drop instantly preceded an enormous restoration that noticed BSV recognize by 73.32% from Dec. 27 to Dec. 28. The asset rallied by one other 4.49%, finally reclaiming the $100 pivotal psychological value degree for the primary time since April 2022.
Bitcoin SV has now slumped under the $100 degree, however it has retained its upward momentum, presently up 101% this month. The cryptocurrency has additionally elevated 90.8% this week, with a present buying and selling worth of $96 on the reporting time.
Amid the worth spike, BSV’s RSI has surged to 84.40, indicating bullish momentum and a slip into overbought territories. This metric has triggered blended reactions, with commerce quantity down 52% over the past 24 hours to $335 million.
BCH hits 5-month excessive
Bitcoin Money seems to be leveraging the market-wide uptrend at a slower tempo. Whereas different crypto belongings clinched their pre-FTX and pre-Terra highs, BCH didn’t even eclipse the figures it attained in July.
Nevertheless, the crypto asset has picked up the tempo, just lately surging to a excessive of $287 on Dec. 30 earlier than witnessing resistance. The final time BCH noticed the $288 value degree was in July. The token goals to breach the $300 psychological threshold to maintain its bullish run.
From a technical standpoint, BCH has slipped into favorable territories, with its MACD (Shifting Common Convergence Divergence) indicator indicating bullish momentum. The crypto asset’s upsurge has triggered an increase in its day by day MACD, resulting in a price of seven.8 with the management line studying 3.34.
A MACD indicator with the MACD line considerably above the sign line suggests bullish momentum. On this case, the MACD line at 7.8 in comparison with a management line at 3.34 signifies a robust bullish pattern, probably signaling a shopping for alternative for Bitcoin Money.
BCH presently trades for $266, up 18% this week. Amid the worth rally, the crypto asset’s Commodity Channel Index (CCI) has surged to 171, indicating the worth could also be overbought. This extraordinarily excessive studying means that the worth is effectively above its historic common and could also be due for a correction.
FTT holds above $3
The FTX Token entered the week with a bearish outlook, however has since engineered a comeback, aiming to transcend this degree. Regardless of the comeback, the token remains to be down over the previous week, with an 8% hunch since Christmas day.
FTT had collapsed 23.5% from $3.719 on Dec. 25 to 2.84 on Dec. 29. The asset launched into its restoration following the drop to $2.84, rallying to a excessive of $3.645 however dealing with resistance. Regardless of the resistance, FTT continues to carry above the $3 value, firmly defending the help.
Ought to FTT finally break the $3.6 degree, its subsequent essential resistance presently sits at $3.995 on the Fib. 0.382 degree. This could deliver the token again to the November highs. FTT’s CCI paints an attention-grabbing image, with a present worth of -67.14. This means that the token is basically oversold.
Regardless of the bearish outlook, FTT presently trades above the 200-day EMA ($2.738), however barely under the 50-day A ($3.539). This sample suggests blended sentiments, with the asset boasting a bullish long-term prospect however a bearish short-term outlook.
