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- 1 BCH price is currently at $114.2
- 2 Bitcoin Cash recorded a 19% spike in 24-hour trading volume.
- 3 Bitcoin Cash is down by 0.97% in the last 24 hours.
BCH price is at present moving within a range on the daily timeframe. Recently, the bulls attempted to propel the price up from $90.00 aroundlast November and after gaining strong momentum, the token gained more than 56% of its value back.The price of BCH has been trading under major downtrend for the past few months.
Presently, the buyers are defending the support zone despite sellers strong command over the price action. Though their attempts to recapture the trend may render futile, the buyers fail to defend the price with strength.
The Decline in Bullish Sentiments
Investor sentiments are presently bearish. Total bearish sentiment metrics provided by LunarCrush are seeing a decline of 25.47% whereas YouTube volume is observing a critical rise of 185.7% within the past few weeks.
Technical Analysis ( 1 Day Timeframe )
Presently the BCH price is taking a positive reversal from the demand zone despise sellers’ attempts to plunge the price down further. It is attempting to make a bullish rebound from the base level at $105.
The RSI line has been making a retest from the median line as of now. The current value of RSI is 45.99 points, whereas the 14 SMA is providing resistance to it at 45.51 points.
The stochastic RSI seems to be taking a positive rebound from the demand zone. The value of stochastic RSI currently is 46.96 points. The %K line may soon give a positive interception to the median line.
A Difference in Price and TVL of BCH Token
The Total Value Locked of BCH token has increased significantly since early April after the decline in its value in October. The increment in TVL value represents the positive sentiments of the investors regarding long term value of the token.
The present TVL of BCH is 1.457 Million, it is observing a change of 0.26% within the last 24 hours.
Conclusion
As per the historical price action, it can be estimated that the price of BCH is attempting to make a positive from the trend line and investors’ sentiments may also take a bullish turn.
Technical levels –
Support –$90.0 and $100.0
Resistance – $120.0 and $140.0
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
