Is it too late to buy Bitcoin SV?

Is it too late to buy Bitcoin SV?

As crypto markets brace for major movements, Bitcoin SV price has undertaken a major +2-% BSV price pump, leaving some side-lined traders asking ‘is it too late to buy Bitcoin SV?’. However, question marks remain over ongoing BSV price action due to an imminent removal of support for BSV on the Coinbase app. This could limit the onboarding of new entrants and knock the confidence of holders.

Current Price Analysis

Bitcoin SV is currently trading at a market price of $89.21, representing a 24-hour change of -3.84%. After a major -37% retracement over the past week, BSV price dropped down for a retest of 20DMA support. The 20DMA has played a critical role in providing footing for much of the recent upside Bitcoin SV price action and now stands at around $77.54. Meanwhile, the 200DMA remains below the current trading channel, acting as a baseline of lower support at a market price of $44.

Recent price action saw a major +20% pump yesterday, as the price rallied from the 20DMA and is now in localized consolidation. A possible emergent panhandle pattern could suggest a bullish outlook on the short time frame. However, the RSI has struggled to cool off to any substantive degree, still showcasing bearish divergence at an overbought 63.18. The MACD also points to a bearish outlook, with minor divergence at -0.41.

Overall, Bitcoin SV looks relatively strong here, with all eyes waiting to see a successful consolidation following the recovery pump. If this holds, a bullish panhandle points the way. To the upside, BSV price is left with a target at $102.42, representing a possible +12.38% increase. On the downside, there is a risk of BSV price dropping down to 20DMA support at $77.54, a potential -14.92% decrease. This leaves Bitcoin SV price with a risk-reward ratio of 0.83, indicating a sub-par entry worth awaiting a later entry, possibly suggesting it is indeed too late to buy BSV.

Alternative Investment Opportunity

While Bitcoin SV price offers an unappealing entry according to the BSV price analysis, an alternative play is gaining traction in meme coin markets. Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming and GambleFi into a decentralized Web3 platform.

The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns. Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards. Season 1 of the project promises 11 unique meme characters, ensuring plenty of action, with Season 2 already planned for December 2023.

Transparency and Trust

The project’s decentralized nature, along with the excitement of AI-driven battles, guarantees outcomes that are transparent yet unpredictable. Meme Kombat’s dedication to transparency shows in their upcoming smart contract security audit. The findings of this audit will soon be made public, a move that many projects shy away from. The founder and project lead, Matt Whiteman, brings credibility to Meme Kombat with his role as COO of North Technologies and two decades of experience in process design. Whiteman’s public profile and the Amsterdam address add extra trust in an era of project anonymity.

Embrace the future of meme-based gaming and betting with Meme Kombat. While Bitcoin SV may not be the ideal investment option at this time, Meme Kombat offers a unique and exciting alternative for potential investors. However, it is crucial to remember that crypto is a high-risk asset class, and any investment should be approached with caution.

This article is provided for informational purposes and does not constitute investment advice. It is important to conduct thorough research and consult with financial professionals before making any investment decisions in the crypto market.

Analysis

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