- The BCH coin price showed a massive jump of 200% in June 2023.
- This token’s price has surged by over 12% in a month and 88% in a year.
- The current price is trading above the 50-day and 100-day Exponential Moving Averages.
Market capital of the BCH coin – $4.166 Billion
The current market price of BCH coin – $213.5
Bitcoin Cash Token Overview
In the current trading session, the price of Bitcoin Cash’s coin is trading in the green with a rise of $3.6 or 1.71%. The price has declined by 1.75% in a week but escalated by over 12% in a month and 88% in a year. It indicates that the price has been in control of buyers on a broader horizon but is feeling pressure in the short term.
The price has been consolidated in a range of $227 and $177 for more than a month. Both upper and lower level has been tested twice till now. It means the BCH coin can again respect these levels. The price of the Bitcoin Cash Coin has surged massively by over 200% in June 2023.
Technical Analysis of Bitcoin Cash Coin
The price of the coin has declined after it surged by 200% in June. It has declined by over 34% from its 52-week high and is currently in a downtrend. The price has been consolidated for more than a month in a range of $227.5 and $177.2. These level has been drawn as resistance 1 and support 1 respectively in the chart below.
The other resistance level for the price is present near the level of $259.2, which is marked as Resistance 2. $296.9 will also act as a resistance level and is drawn as Resistance 3 on the chart. If we talk about the support zone, the support for the price is present near the level of $135 which is marked as support 2. The next support is present near the price of $106 which is marked as support 3
The price is currently trading above the 50-day and 100-day Exponential Moving Averages, which is a bullish sign. Although the slope of the EMA is currently flat it indicates and confirms the statement that the price is in a consolidation phase. The Relative Strength Index is currently placed at 55.69, which signifies that the momentum is slowly shifting toward the bulls.
Conclusion
The price is trading in a flat range of $227 and $177. If the price breaks the range on the upside then it will unlock the upper level of $259 and $296.6. If the price breaks the lower level of $177, it will try to achieve the level of $135.
Technical Levels
Resistance – $227 and $259
Support – $177 and $135
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.