Cryptocurrency markets face intense bearish pressure as Bitcoin SV (BSV), Arbitrum (ARB), and Stellar (XLM) extend their downtrends. With prices near multi-month lows, the technical indicators hint at possible oversold conditions, but selling momentum remains dominant.
Bitcoin SV (BSV) Shows Extended Decline as Bearish Trend Dominates
Current price:$44.37
Market cap:$876.5M
Bitcoin SV (BSV) continues its downward trajectory. The daily chart reflects a significant decline, starting from mid-March, with prices dropping from approximately $120 to the current level near $44.07. This downward trend is marked by periods of consolidation, particularly between May and July, where the price experienced minor fluctuations but remained relatively stable. Despite brief attempts at recovery, the bearish momentum persists, supported by consistent but moderate trading activity, as shown in the graph.
BSV/USDT/USDT 24-hour price chart:Source (tradingview)
The Relative Strength Index(RSI ) indicator hovers around the neutral mark 50, indicating neither overbought or oversold conditions. This neutrality suggests minor momentum shifts with no clear direction. However, the MACD indicator shows a bearish trend. The MACD line has stayed below the signal line for a long, indicating ongoing selling pressure with only brief recoveries.
Arbitrum(ARB) Struggles to Break Free from Prolonged Downtrend
Current price:$0.5018
Market cap:$1.7B
Arbitrum(ARB) has seen a sharp drop in price against Tether (USDT) on Binance. Since late February, ARB’s price has steadily fallen from over $2.00 to around $0.5010. This steady decline shows strong selling pressure, with only brief and weak recoveries.
Read CRYPTONEWSLAND on
google news
ARB/USDT 24-hour price chart:Source (tradingview)
The trading volume has remained moderate, with occasional spikes during significant price movements, further indicating a market under stress.The RSI currently sits at 38.75, signaling that ARB is approaching oversold territory. This suggests weakening momentum and the possibility of further declines unless buying pressure increases. This corroborates the bearish outlook as the MACD line is slightly below the signal line, showing that selling pressure persists.Â
Stellar (XLM) Nears Oversold Territory Amid Persistent Bearish Sentiment
- Current price:$0.0923
- Market cap:$2.7B
Stellar (XLM) mirrors the bearish trends observed in BSV and ARB, trading against Tether (USDT) on the Binance exchange. After peaking at $0.1588 in early April, XLM entered a steady decline, with the price currently stabilizing around $0.0919. This period of stability reflects reduced volatility and trading activity, as indicated by decreasing volume bars. Despite brief consolidation phases, the overall sentiment remains bearish, with the market struggling to regain bullish momentum.
XLM/USDT 24-hour price chart:Source (tradingview)
The RSI indicator for XLM currently stands at 39.28, signaling that the asset is nearly entering oversold territory. This, combined with the bearish crossover observed in the MACD indicator where the MACD line remains below the signal line confirms ongoing selling pressure. The overall indicators suggest that XLM could face further declines unless significant buying interest emerges.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
