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Cryptocurrencies: 12,870
Markets: 940
Marketcap: $ 2.06 T(0.18%)
24h Vol: $ 77.17 B
BTC Dominance: 48.69%

Bitcoin SV Surges 80% in Two Days as Upbit Drives Volume

Over the past two days, Bitcoin SV (BSV) has surged more than 80% as it rose from $50.46 to a current level of over $91. Both technical indicators and momentum from South Korean exchange Upbit indicate that the gains may not be sustainable.

Faster Gains Outpace Moving Averages

Bitcoin SV (BSV) price surged by 53.74% to $76.78 yesterday and an additional 19.03% to $91.27 today. BSV’s total increase exceeds 80% over the past two days. The 20-day Exponential Moving Average (EMA) for BSV is at $55.98 and the 50-day EMA is at $51.22, both well below the current price.

Overextension Indicated by RSI, MACD

The Relative Strength Index (RSI) indicates an extremely overbought condition at 87.74, signifying possible panic buying and fear of missing out (FOMO). The Moving Average Convergence Divergence (MACD) histogram has jumped to 3.58, suggesting the current pace of gains may not be sustainable.

Technical Resistance, Support Levels

Technical resistance is expected between $98.95 and $102.10, close to the psychological $100 level. Support levels are identified at Fibonacci retracement levels of 0.236 at $84.89 and 0.382 at $77.38.

Upbit Exchange Drives Volume for BSV

South Korea’s largest exchange, Upbit, has driven a significant volume of Bitcoin SV trading, accounting for over $580 million of the day’s $810 million total trading volume. Upbit represents approximately 70% of total Bitcoin SV volume, and continued momentum from this exchange is important for the ongoing bull run.

Indicators suggest overextended conditions for BSV, cautioning investors to manage risks effectively.

Presale Success for Meme Kombat

Meme Kombat, a play-to-earn gaming platform, has raised over $5 million in its presale, hitting more than three-quarters of its $6.5 million target. Meme Kombat combines meme coin investing with play-to-earn gaming, offering MK tokens as rewards. The MK token is currently priced at $0.257 and is scheduled for a price increase within 24 hours.

Over 6,000 stakers are earning up to 184% annual percentage yield (APY) on MK tokens. Meme Kombat has allocated 50% of tokens to presale investors and has attracted significant interest from whale investors. Buyers can purchase using ETH, USDT, or BNB. Meme Kombat plans to deliver on its roadmap with a Season 1 launch offering battles, leaderboards, and blockchain-powered rewards.

Disclaimer: The article makes clear that cryptocurrency is a high-risk asset class and the provided content is for informational purposes, rather than investment advice.

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