- The trading volume of Bitcoin Cash crypto has declined in the last 24 hours.
- The trading price of the BCH has advanced by 205% in the last year.
Bitcoin Cash (BCH) emerged in 2017 through a hard fork of the Bitcoin blockchain, featuring larger block sizes and CTOR for faster transaction processing. It serves as a decentralized digital currency, akin to Bitcoin, used for transactions and as a store of value. Initially led by Bitcoin ABC, it’s now decentralized with multiple development teams.
The total supply of the Bitcoin Cash crypto is 19.671 Million BCH followed by a maximum supply of 21.0BCH. Furthermore, the circulating supply of the crypto is similar to the total supply which is 93.67% of the maximum supply.
The market cap of the crypto has advanced by 6.24% in the last 24 hours followed by a fully diluted market cap of $8.566 Billion. The current value of the market cap of the crypto is $8.026 Billion.
Bitcoin Cash is the 18th largest cryptocurrency in the world. The value of the traded volume for the crypto in the last 24 hours is $469.514 Million resulting in a decline of 12.1% in the last 24 hours.
The volume/market cap ratio of the crypto is 5.94% and the market cap dominance of the crypto is 0.31%. The volatility of the crypto is also extremely high which results in 21.92% while the supply inflation of the crypto is relatively low.
The sentiment of Bitcoin Cash is bullish which is further supported by the fear and greed index which is at 77 indicating extreme greed among investors. The crypto was released on the 25th of July, 2017.
Bitcoin Cash Crypto Derivatives Analysis
The weighted funding rate of the BCH crypto has witnessed a consistent decline over the last few days followed by a decline of 13.4% in the derivatives volume in the last 24 hours.
The open interest in the crypto has further witnessed a decline of 2.13% resulting in $239.45 Million in the last 24 hours. The recorded long/short ratio of the crypto is 0.9956.
Also, the long liquidation for the crypto is slightly higher resulting in $600.93K followed by a short liquidation of $ 500.28K showing sellers dominance in the short term.
Despite this, a huge activity in the crypto derivatives was witnessed on 02nd March 2024, where the crypto witnessed a short liquidation of $9.47 Million against the long liquidation of $2.5 Million.
Volume Vs Social Dominance For Bitcoin Cash
The social dominance is at its average over the last few months while the volume in the crypto has declined over the last few days. Despite this, if we observe a bigger picture of the given data, a huge surge in volume and price has been witnessed in the crypto.
BCH Crypto Technical Analysis
A strong resistance level for the BCH crypto price was $394 and following a strong bullish momentum, the trading price of the crypto broke out above the following level and is currently sustaining above the same. This behavior of the price highlights the strength in the price and a higher probability of a further rise in the trading price.
BCH/USD Chart by TradingView.com
The trading price of the BCH crypto has advanced to certain highs hitting the level of $533 followed by a breakout above the 20,50 and the 200-Day EMAs. Also, the following EMAs are trading in a golden cross indicating a strong uptrend.
The MACD and the signal line on the MACD indicator chart are trading above the zero level. Despite this both the lines have formed a bearish cross followed by the bearish histograms on the chart. The following behavior of the technical indicator represents the retracement in the trading price of the crypto.
Following a bullish cycle, the RSI has declined from the overbought zones to the level of 55.48. It also has declined below the 14-Day SMA while it is sustaining above the 50-level.
Summary
Bitcoin Cash (BCH) showcases bullish momentum, breaking key resistance at $394 and sustaining above, indicating potential for further price advancement. Trading above EMAs, with a golden cross, and MACD above zero, despite a recent bearish crossover, suggest a retracement before a potential bullish continuation. RSI remains bullish, above 50.
Technical Levels:
- Support Levels: $162.0 and $304.00
- Resistance Levels: $682.00 and $804.00
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.