- Bitcoin, the largest cryptocurrency in the world and – by proxy – cryptocurrency market, has witnessed bursts of volatility.
- Bitcoin Cash’s price has continued to witness promising gains despite facing strong resistance.
Bitcoin, the largest cryptocurrency in the world and – by proxy – cryptocurrency market, has witnessed bursts of volatility. While most of the cryptocurrencies saw notable declines, few altcoins manage to resist the trend. As Bitcoin price dropped by 1.54% within the last 24-hour, its fork, Bitcoin Cash, also recorded a drop of 3.39%.
Bitcoin Cash’s price has continued to witness promising gains despite facing strong resistance. However, the BCH core development team is concerned over the outcomes of the upcoming system upgrade, which could lead to another chain split. Amid the ongoing tensions between Bitcoin Cash and Bitcoin ABC developers, trembled investors choose to opt-out of the project, selling their BCH.
Per Data by Santiment’s holder distribution, whales, and retail traders are exiting their positions from BCH as skepticism around the fate of Bitcoin Cash mounts.
Recently, the Bitcoin cash community celebrated the third anniversary of the crypto asset. On the event, Bitcoin Jesus, Roger ver pointed towards three major problems in Bitcoin Cash. Roger ver identified the problems with the network which includes chained transaction limit and need for the irreversibility of unconfirmed transitions using the consensus method.
Bitcoin Cash Price Analysis
Bitcoin cash, the 5th-largest cryptocurrency in the market has managed to stay above the $300 level. At the time of composing the article, Bitcoin Cash [BCH] was being traded at $308 with a market cap of $5.6 billion. In the last 24-hours, bitcoin cash recorded a 3.5 percent drop in its price, while registering trading volume of $2.6 over the last 24 hours.
Over the course of the past few weeks, BCH’s price has continued to push its levels following bitcoin’s rally, BCH has also recorded impressive gains for investors.
According to the weekly time frame on BCH’s chart, Bitcoin Cash has confirmed uptrend on USD pair. BCH is on the verge of an upward breakout and it may find itself heading towards 440-450 USD level.
While observing Bitcoin Cash’s 1-day chart, BCH’s technical indicators found indicating strong bullish sentiment for the BCH price. The MACD indicator recently encountered a bullish crossover marked the start of bullish momentum on a monthly timeframe. The Relative Strength Indicator (RSI) mirrored the bullish sentiment and was closer to the overbought zone – placed around the 60-mark.
Taking into the record the indicators and the probable price breakout, BCH is expected to reach the resistance level within the next 4-6 weeks from there it may pull back to consolidate around $400 for a while before the breakout of the resistance line. The next target for Bitcoin Cash is placed at $690 while the crypto asset found strong at $277 mark, which tested during the recent drop. The next key support level will be formed when BCH registers weekly closing above $300.