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SSV looked to bounce back from two weeks of bearish action with a bullish reversal at the $29 price zone. A look at SSV’s onchain metrics showed that its daily trading volume rose by 24% over the past day with a 1.29% increase in its marketcap.
SSV is the native token of ssv.network, a decentralized staking protocol for distributed staking dApps on Ethereum. This unique protocol allows anyone to run a validator through a simple contract interaction with users retaining full control of their validator key and address. This improves robustness and node tolerance across the Ethereum ecosystem.
Can Buyers Continue The Uptrend After Retracement?
SSV embarked on a strong bullish run between mid-November to early January. It ran up from $15.5 to a high of $40, producing returns of over 150%.
However, the $40 price level has been a strong level for sellers, as seen in April 2023. As such, the selling pressure at $40 led to a price rejection at the level with SSV registering a 30% dip in price.
Despite the price dip, buyers remain active in the market and look to recover the bullish momentum at the $29 support level. A bullish trade position from $29 could yield 25% returns just below the next resistance level of $36.
Furthermore, the Chaikin Money Flow which measures capital inflow into a token remained positive, bouncing off the zero mark with a reading of +0.03. The RSI (Relative Strength Index) on the other hand remained below the neutral 50 but produced an uptick in buying pressure, as of the time of writing.
This could position SSV to regain its bullish momentum, even as the crypto market continues to oscillate between bearish and bullish narratives.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.