- The Open Interest of SSV.Network(SSV) declined by -19.62% in the last 24 hours
- Current MarketCap of SSV.Network(SSV) is $177,829,319 as on 07 July 2023.
- The current trading price of SSV.Network(SSV) is $17.75 trading with an advance of +0.17% in the last 24 hours.
SSV.Network(SSV) is in downtrend from a very long time and has been consecutively waning from the higher lavels and making lower low structure and is currently is trading following the same structure.
SSV.Network allows multiple nodes to share and run an Ethereum validator in a decentralized way. It employs a technique named Secret Shared Validators (SSV), which enables dividing a validator key among at least four independent node instances.
SSV.Network(SSV) has been dropping from its peak levels and forming lower low patterns. It is now on a downward trend after falling below the 20,50-day Exponential moving average. If SSV.Network fails to reverse the bearish momentum, it might create a new lower low structure soon and extend the downtrend.
The volume of SSV.Network has decreased by -19.62%, reaching $18.28M and ranking #144 on CoinMarketCap.
SSV.Network(SSV) Technical Analysis
Source: SSV.Network. BINANCE.1D by TradingView
EMA: SSV.Network(SSV) trading below the levels of the 20,50-day Exponential moving average with a negative crossover that indicates the dominance of sellers in the market. If sellers keep pushing the market down, SSV.Network might face more losses and enter a downtrend.
RSI: The RSI for SSV.Network(SSV) is weak as it is below the 50 level, showing a bearish signal that reflects the influence of sellers in the market. Based on this, if RSI keeps declining in the next days, we might witness a significant drop in the price of SSV.Network soon.
Market Structure: SSV.Network(SSV) reached a high of $14.99 but could not maintain it and started to fall, resuming the downtrend that shows further weakness in the market. According to the current situation, the market is above the dynamic support trendline and any break below it can trigger a strong downward momentum, leading to new lower lows in the next days. The market is also in a downtrend based upon larger timeframe as it is making lower lows.
Conclusion
Therefore, by analyzing the charts we can observe that SSV.Network(SSV) was rising for some days but recently violated the higher high pattern and has begun to decline again by forming new lower low patterns trading below the 20,50-day Exponential moving average. The RSI is also below the 50 level with a double top that signals weakness in the market. On the breach of the trendline we can expect a new downward move as it will cause a break of the critical support level.
Technical Levels
- Support Level – 14.99
- Resistance Level – 20.25, 25.50, 28.90
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
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