- A decrease of 7.88% has been observed in the BCH crypto during the weekly trading session.
- The Technical indicators summary suggests a positive signal in the current phase.
- 24-hour trading volume has reached $482.80 million, with a decline of 43.29%.
Bitcoin Cash (BCH) was created as an alternative to Bitcoin (BTC), the most valuable cryptocurrency in the world. The differences in the community over Bitcoin scaling and the SegWit upgrade resulted in a hard fork (Split into two blockchains) called Bitcoin Cash. The BCH is a peer-to-peer electronic cash system focusing on fast payments, micro fees, privacy, and larger block sizes. It is a permissionless, decentralized cryptocurrency that requires no trusted third parties.
Bitcoin Cash Delivered 183.65% in the Last Six-Month Session
BCH cryptocurrency has experienced a positive rally from the $218.24 level on January 23, 2024. The price reflected over 140% positive returns to the $528.87 resistance level. The positive upsurge in the price became an intriguing situation for investors and traders. They assembled on March 20, 2024, after the $327.14 breakout level.
As a consequence of that, the Bitcoin Cash price showed another bullish rally with over 100% returns from the $347.15 level. The price reached the $704.21 resistance level on April 5, 2024. Since then, the cryptocurrency has faced some initial profit bookings from that level, resulting in an almost 14% decline.
The maximum supply of the BCH tokens is capped at 21.00 million. 19.69 million BCHs are circulating in the market, which covers 93.76% of the maximum supply. The total diluted valuation of the project is estimated at around $12.74 billion. Additionally, the current market capitalization stands at $11.95 billion.
Price to Volume and Social Dominance Analysis
The average social buzz of the cryptocurrency covers 1% dominance in the entire crypto world. However, the social dominance of Bitcoin Cash is gaining attention from people in current sessions. This can positively impact the price and volume in upcoming sessions. The trading volume is showing stability above $370 million.
Technical Analysis of the Bitcoin Cash (BCH) Price
The bullish outlook lies above the key exponential moving averages in the long term. BCH price is moving above the 50-day and 200-day EMAs, reflecting a strong uptrend. The 50-day EMA is currently leading the price and acting as a dynamic support.
The Bitcoin Cash price has given a breakout from the $528.87 resistance level. The price surged nearly 35% after the breakout to the $704.21 level. In recent sessions, the price has faced resistance from that level and is moving toward the $507.09 bullish POI. The BCH price can resurge from the $528.87 POI if a robust bullish candle forms from that level in a daily time frame.
The relative strength index (RSI) reflects an internal bearish divergence in the current momentum, indicating increasing selling pressure. The RSI is at 55.17 below the signal line.
Summary
The Bitcoin Cash price gained a robust bullish momentum after February 2024. The cryptocurrency price is trading with strong bullish sentiments in current sessions. The BCH price is moving toward the $507.09 bullish POI at press time. The BCH price can resurge from the $528.87 POI if a robust bullish candle forms from that level in a daily time frame.
Technical Levels
- Resistance Levels: $704.21 and $806.80
- Support Levels: $564.81 and $466.91
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.