As cryptocurrency markets prepare for potential major shifts, Bitcoin SV (BSV) has experienced a significant price pump of over 2%. This has left many sidelined traders wondering if it is too late to buy Bitcoin SV. However, the ongoing price action of BSV raises concerns due to the impending removal of support for BSV on the Coinbase app. This removal could limit the onboarding of new entrants and potentially erode the confidence of current holders.
Currently, Bitcoin SV is trading at a market price of $89.21, reflecting a 24-hour change of -3.84%. In the past week, BSV price experienced a substantial -37% retracement, testing the critical 20-day moving average (20DMA) support. The 20DMA has played a vital role in providing support for recent upward price movements, currently standing at approximately $77.54. On the other hand, the 200-day moving average (200DMA) remains below the current trading channel, indicating a lower support baseline around $44.
Despite the recent retracement, BSV price saw a significant 20% pump yesterday, rallying from the 20DMA and entering a phase of localized consolidation. This consolidation phase potentially indicates a bullish outlook in the short term, resembling an emergent panhandle pattern. However, key indicators raise concerns. The Relative Strength Index (RSI) has struggled to cool-off substantially, currently showcasing bearish divergence at an overbought level of 63.18. Additionally, the Moving Average Convergence Divergence (MACD) also exhibits a bearish outlook with minor divergence at -0.41.
Overall, Bitcoin SV appears relatively strong at the moment, and market participants are eagerly awaiting a successful consolidation following the recent recovery pump. If this consolidation holds, it could signal a bullish continuation pattern. Upside potential for BSV price is capped at $102.42, representing a potential gain of +12.38%. Conversely, downside risk may prompt BSV price to drop back to 20DMA support at $77.54, resulting in a potential loss of -14.92%. Considering this risk:reward ratio of 0.83, it suggests that entering BSV at its current state may not be the most advantageous decision, warranting a potential wait for a more opportune entry point.
While Bitcoin SV presents a lukewarm entry opportunity, there is another emerging opportunity gaining traction in the realm of meme coin markets. Introducing Meme Kombat, a pioneering initiative that seamlessly combines the nostalgic love for gaming and GambleFi into a decentralized Web3 platform. This unique platform revolves around an engaging arena where characters tap into various crypto communities and engage in animated battles.
Players on Meme Kombat have the freedom to place bets on these battles, predicting outcomes and potentially earning attractive rewards. Season 1 of Meme Kombat boasts 11 unique meme characters, promising an action-packed experience for participants. Looking ahead, Season 2 is already planned for December 2023. What sets Meme Kombat apart is its decentralized nature, which ensures transparency and unpredictability in the outcomes of AI-driven battles.
The commitment to transparency is further exemplified by Meme Kombat’s forthcoming smart contract security audit, a move that many projects shy away from. The audit findings will be made public, demonstrating the project’s dedication to accountability and trust. Meme Kombat’s credibility is bolstered by its founder and project lead, Matt Whiteman. With a background as COO of North Technologies and two decades of experience in process design, Whiteman adds an extra layer of trust and expertise.
For those seeking an alternative avenue in the world of meme-based gaming and betting, Meme Kombat presents an intriguing opportunity. However, it is important to remember that cryptocurrency is a high-risk asset class. This article provides informational purposes only and should not be considered investment advice.
As the crypto market braces for upcoming fundamental events, Bitcoin SV price experiences significant movements. The removal of BSV support on the Coinbase app raises concerns, potentially impacting market sentiment and the entry of new participants. While BSV showcases elements of strength, key indicators suggest caution. This prompts the question of whether it is too late to buy Bitcoin SV.
Amidst this uncertainty, alternative opportunities like Meme Kombat offer an engaging and unique experience in the meme coin market. With its decentralized approach and AI-driven battles, Meme Kombat presents a promising opportunity for investors and gamers alike. However, it is essential to approach all investments in the crypto space with caution and conduct thorough research before making any decisions.