BSV, BCH, FTT: The Must-Watch Cryptocurrencies of the Week
The cryptocurrency market experienced mixed sentiments this week as it went through a consolidation phase, causing the global market cap to decrease from $1.66 trillion to $1.65 trillion. While some assets struggled, others stood out with impressive performances.
Bitcoin SV (BSV), Bitcoin Cash (BCH), and FTX Token (FTT) were among the top cryptocurrencies that caught attention.
Bitcoin SV made significant moves this week, although its early price movements were not entirely encouraging. The token started the week with a 4% increase but later dropped 2.05%. However, it quickly recovered and surged by an impressive 73.32% from December 27th to 28th. It continued to rally by another 4.49% and successfully reclaimed the $100 psychological price level for the first time since April 2022.
Although Bitcoin SV has since dropped below $100, it has maintained its upward momentum and is currently up 101% this month. It has also seen a 90.8% increase this week, with a trading value of $96 at the reporting time. The Relative Strength Index (RSI) for BSV has surged to 84.40, indicating bullish momentum and a potential overbought situation. However, the trade volume has decreased by 52% over the last 24 hours to $335 million.
Bitcoin Cash, on the other hand, has been following the market uptrend at a slower pace. While other cryptocurrencies reached new highs, BCH failed to surpass its figures from July. However, it has recently surged to a high of $287 before encountering resistance. The last time BCH reached the $288 price level was in July. The token aims to break the $300 threshold to sustain its bullish run.
From a technical perspective, BCH has entered favorable territories, with its Moving Average Convergence Divergence (MACD) indicator showing bullish momentum. The crypto asset’s MACD has increased to 7.8, with the control line reading 3.34. This indicates a strong bullish trend and potentially presents a buying opportunity for Bitcoin Cash.
Currently, BCH is trading at $266, with an 18% increase this week. The Commodity Channel Index (CCI) for BCH has surged to 171, suggesting that the price may be overbought and due for a correction.
FTX Token started the week with a bearish outlook but has since made a comeback. Despite the recovery, the token is still down by 8% since Christmas day. It experienced a significant drop from $3.719 to $2.84 but rallied to a high of $3.645. Although it faced resistance, FTT managed to hold above the $3 mark and defend the support.
If FTT manages to break the $3.6 level, its next crucial resistance lies at $3.995. This would bring the token back to its November highs. The CCI for FTT is currently at -67.14, indicating that the token is oversold.
Although the short-term outlook for FTT appears bearish, it is currently trading above the 200-day Exponential Moving Average (EMA) of $2.738, suggesting a bullish long-term prospect.
Overall, the cryptocurrency market has experienced mixed sentiments this week, with some assets performing well and others facing bearish pressure. Bitcoin SV, Bitcoin Cash, and FTX Token have stood out with notable price movements and potential opportunities for investors.
