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Zcash and Maker although still not bullish enough, were definitely displaying signs of short-term positive price reversals, as the selling pressures for the two digital assets continued to weaken.

Bitcoin SV however, seen making a bearish breakout below its trendline, could witness a few more bearish sessions, as the bulls were yet to solidify a strong buying sentiment in the BSV market.

Bitcoin SV [BSV]

Source: BSV/USD on TradingView

The immediate short-term view on Bitcoin SV remains bearish, given the reading from its technical indicators on the hourly chart. The digital asset at press time was trading at $ 159.29 and lost nearly 8% over the last 48 hours.

The dotted lines of the Parabolic SAR above the candles, maintained a clear view on a possible downward price action, for the next few trading sessions.

The Aroon Indicator too, was suggesting a selling pressure, as the price trend appeared also to be bearish with Aroon down (blue) seen above the Aroon up (orange).

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In other news, Jimmy Nguyen recently spoke at India’s first Bitcoin SV meetup- considered a major South Asian market. In a bid to boost investor confidence in the BSV market, he spoke to the audience about the unique opportunities, blockchain developments, and scalability projects available on Bitcoin SV.

Zcash [ZEC]

Source: ZEC/USD on TradingView

Down by almost 2.5% since yesterday, Zcash had made a bearish breakout below its trendline and could be poised for further downside towards a crucial pivot level at $ 61.81

This remains a likely scenario, as bears seemed to lose out on their strength given the below-average sell volume, required to push down the prices till the next support.

Furthermore, price stabilization might occur just above the $ 61.81 pivot level, as the convergence seen in the Bollinger bands, hinted toward lower volatility levels.

A low sell volume and volatility may thus not support the bears in maintaining a strong downward price momentum in the coming days.

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Maker [MKR]

Source: MKR/USD on TradingView

A descending channel formation was visible on the hourly chart of Maker. Given the recent bearishness faced by the digital asset, and the bullishness that follows after similar patterns, a price reversal at this point seemed highly likely.

The Awesome oscillator was displaying a bullish crossover as it rose above the zero line, a clear sign of positive price momentum.

The Relative Strength Index too underlined a strong buying sentiment. A further rise above the 54 level could aid the bulls in gaining control at the immediate resistance level at $ 557.56

The daily dip in MKR prices at press time could be a good ‘buy on dips’ opportunity. While a bounce again from the immediate support could strongly confirm an upward price action in the next few days.





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