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- Bitcoin cash price prediction indicates a consolidated downside trend in the future.
- BCH is currently trading below the 50 and 100 Daily Moving Averages. It is down by 0.18% in the intraday session.
Bitcoin Cash was created in 2017 as a result of a hard fork in the original Bitcoin blockchain. It has an increased block size as compared to Bitcoin which enables faster and cheaper transactions. Bitcoin CASH has a blocksize of 32Mb meanwhile Bitcoin has a blocksize of 1MB.
The larger blockchain size helps to process more transactions which leads to faster confirmation times.It helps BCH to get adapted by various businesses. Bitcoin cash has a negative ROI but can see a turnaround in the future. Bitcoin Cash has a blockchain size of 187,842,367kb with an inflation rate based upon the daily mined BCH is $1500,000,000.
It has the same supply as Bitcoin and 92% of it is circulating in the market. BCH is up by more than 65% from its all-time low and down by 97% from its all-time high. BCH has an average transaction value of $440,000 which has been in decline over the past few weeks.
Bitcoin Cash has a market cap of $2.4Bn and is ranked 28th in the crypto-verse. The volume of the asset price has seen a decline of 25% in the intraday session. The volume-to-market cap ratio of BCH suggests a consolidated trend in price.
BCH Continues To See A Downtrend
The weekly technical chart of the BCH hints towards a consolidated trend in the price.It is currently observing a bearish engulfing candle in the daily chart which can push the asset price down. BCH is trading near the value of $124.3 with a small drop in the intraday session. Resistance of BCH can be seen near the value of $150.Meanwhile, support for the asset price can be observed near $100.
Bitcoin cash has recently seen a negative crossover from the 100 DMA which can push the price down. It is also trading below the 50 DMA and sees a strong bearish momentum. The correlation of BCH has also been increasing with Bitcoin.
RSI of the BCH is currently near 48 with no slope in it. The overall sentiment of the RSI hints towards a consolidated trend in price.
Summary
Bitcoin Cash has been seeing a slight decline in the on-chain parameters. BCH has recently seen a negative crossover which can push the price down. Various analysts are expecting a rebound in the BCH price soon.
Technical Levels
Support Level: $100
Resistance Level: $150
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
