Bitcoin SV, NEM, Decred Price Analysis: 04 January

Bitcoin SV shrugged off the shackles of $164 and saw a quick move to $180 at press time, with the crypto likely to see further upside. NEM noted steady selling pressure over the past three weeks and could lose the $0.2-level of support, while Decred was bullish on the price charts and could see a minor pullback towards $42.5.

Bitcoin SV [BSV]

Source: BSV/USDT on TradingView

BSV surged past the $172-level of resistance and was knocking on the door of the $182-level. The RSI registered strong bullish momentum and was in the overbought territory, at the time of writing.

There seemed to be two scenarios that can play out for BSV, both bullish over the next few days. The $181-$183 zone can serve as a region of supply and reject BSV over the next few hours, fueling a minor pullback.

Alternatively, the price can advance past this zone and flip it to support and it can be expected to see a few hours of consolidation, before another move upwards.

The $190-mark which is the 61.8% retracement for BSV’s move down from $220 to $150 would be the next level of resistance, while $172 was the closest level of support.

NEM [XEM]

Source: XEM/USD on TradingView

XEM has been trending downwards over the past two weeks, ever since it sank below the $0.294-level. The OBV showed that selling volume far outweighed the buying volume over the same period of time.

NEM was trading at $0.21, at the time of writing, and had a support level at $0.2. A trading session beneath this level would see XEM test the region of demand in the vicinity of $0.185.

Decred [DCR]

Source: DCR/USDT on TradingView

The 20 and 50 SMA (white and yellow respectively) showed that the short-term momentum was strongly bullish. The price was well above the 20 SMA, and the MACD appeared to be a few hours away from forming a bearish crossover.

A minor pullback can be seen for DCR and it could see the price go towards $42.5, before another move upwards over the next few days.

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