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SSV’s (ssv.network) two-day sell off found some breathing room at the $40 support level. Earlier, SSV had come under intense selling pressure between April 28 to April 30 with its value dropping by 25%.
The swift drop from $55 crashed through the support level at $45 but buyers were able to defend the price at $40. However, the price action at the support level looks bleak for buyers, as rebound attempts have been stifled.
This opens an opportunity for more shorting gains, if sellers break below the $40 price level.
Capital Outflows Hamper Recover Efforts
The Chaikin Money Flow (CMF) noted the significant capital outflows from SSV with a negative reading of -0.26. This was reflected in the lack of buying power on the four-hour timeframe.
With the Relative Strength Index (RSI) still on a bearish trend, it signaled the potential for sellers to flip the $40 level to resistance. Traders looking to go short can wait for a bearish candle close below $40 for selling opportunities.
Short term targets will be at $33 for 17% gains and $29 for 28%$ gains. Alternatively, a bullish pump above $43 would invalidate this short trade.
SSV.Network: Offering High-Perfomance Nodes for Restaking
SSV.Network recently announced a partnership with Ether.Fi, a leading restaking platform. The integration of SSV's Distributed Validator Technology (DVT) with Ether.Fi, allows users to experience resilient restaking efficiency through high-performance nodes.
This partnership has seen Etherfi onboard 1960+ validators with an approximate Total Value Locked (TVL) of $200m to the SSV Network to help secure the staked ETH.
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.
