This week featured mixed sentiments amid a consolidation phase, with the global cryptocurrency market cap dropping from $1.66 trillion to $1.65 trillion. Some assets bucked the trend, while others succumbed to bearish pressure.
Top cryptocurrencies — Bitcoin SV (BSV) Bitcoin Cash (BCH) and FTX Token (FTT) — stood out.
BSV crosses $100
Bitcoin SV was one of the best performers this week, but its early price movements were not entirely encouraging to market watchers. The token began the week with a 4% increase, but shed off these gains when it dropped 2.05%.
This drop immediately preceded a massive recovery that saw BSV appreciate by 73.32% from Dec. 27 to Dec. 28. The asset rallied by another 4.49%, eventually reclaiming the $100 pivotal psychological price level for the first time since April 2022.
Bitcoin SV has now slumped below the $100 level, but it has retained its upward momentum, currently up 101% this month. The cryptocurrency has also increased 90.8% this week, with a current trading value of $96 at the reporting time.
Amid the price spike, BSV’s RSI has surged to 84.40, indicating bullish momentum and a slip into overbought territories. This metric has triggered mixed reactions, with trade volume down 52% over the last 24 hours to $335 million.
BCH hits 5-month high
Bitcoin Cash appears to be leveraging the market-wide uptrend at a slower pace. While other crypto assets clinched their pre-FTX and pre-Terra highs, BCH failed to even eclipse the figures it attained in July.
However, the crypto asset has picked up the pace, recently surging to a high of $287 on Dec. 30 before witnessing resistance. The last time BCH saw the $288 price level was in July. The token aims to breach the $300 psychological threshold to sustain its bullish run.
From a technical standpoint, BCH has slipped into favorable territories, with its MACD (Moving Average Convergence Divergence) indicator indicating bullish momentum. The crypto asset’s upsurge has triggered a rise in its daily MACD, leading to a value of 7.8 with the control line reading 3.34.
A MACD indicator with the MACD line significantly above the signal line suggests bullish momentum. In this case, the MACD line at 7.8 compared to a control line at 3.34 indicates a strong bullish trend, potentially signaling a buying opportunity for Bitcoin Cash.
BCH currently trades for $266, up 18% this week. Amid the price rally, the crypto asset’s Commodity Channel Index (CCI) has surged to 171, indicating the price may be overbought. This extremely high reading suggests that the price is well above its historical average and may be due for a correction.
FTT holds above $3
The FTX Token entered the week with a bearish outlook, but has since engineered a comeback, aiming to transcend this level. Despite the comeback, the token is still down over the past week, with an 8% slump since Christmas day.
FTT had collapsed 23.5% from $3.719 on Dec. 25 to 2.84 on Dec. 29. The asset embarked on its recovery following the drop to $2.84, rallying to a high of $3.645 but facing resistance. Despite the resistance, FTT continues to hold above the $3 price, firmly defending the support.
Should FTT eventually break the $3.6 level, its next crucial resistance currently sits at $3.995 at the Fib. 0.382 level. This would bring the token back to the November highs. FTT’s CCI paints an interesting picture, with a current value of -67.14. This indicates that the token is largely oversold.
Despite the bearish outlook, FTT currently trades above the 200-day EMA ($2.738), but slightly below the 50-day A ($3.539). This pattern suggests mixed sentiments, with the asset boasting a bullish long-term prospect but a bearish short-term outlook.
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