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- 1 BCH price showcases buying momentum and is trading in the bullish region.
- 2 Technical indicators are suggesting a bullish trend ahead.
The BCH price trades in the bullish trajectory above the $600 mark and is likely to retest the 20 day EMA mark. Moreover, the price chart shows higher high swings and is trading above the key moving averages. Buyers look strong and are decisively holding the gains amidst the crypto market downturn. The price action delivers the bullish waves and is anticipating to cross the upside mark of $700 ahead.
At press time, the Bitcoin Cash coin (BCH) price traded at $610.23 with an intraday gain of 0.69%, reflecting bullishness on the charts. It has a monthly return ratio of 28.17% and 300.20% on a yearly basis. The pair of BCH/BTC is at 0.00867 BTC, and the market cap is $11.65 Billion. Analysts are bullish and suggest that the BCH coin may continue to deliver bullishness and will cross the round mark of $700 soon.
BCH Price Revealed Bullish Structure With A Volume Surge
The above chart showcased the price to volume profile of the BCH coin, revealing an uptrend. The technicals are replicating the buying momentum and the coin has witnessed a notable surge of over 89% this month. Additionally, a sharp vertical spike was displayed and sellers looked trapped. The intraday trading volume remained average, witnessing a 23.56% surge to $767.79 Million.
Price Volatility & Weighted Sentiment Outlook
The price volatility depicts average movement and stays below the midline around 0.013, signifies neutral price behaviour on the charts. However, the weighted sentiment data looks neutral, the value noted around -0.365.
Social Dominance & Social Volume AI Insights
Per the Santiment data, the social dominance and social volume reflected low investor interest this week. The social dominance data declined over 78.90% and dragged to 0.647%. Similarly, the social volume AI value revealed a drop of over 45.60% to 28.
What Do Open Interest & Holding Data Indicate?
Per the charts, the derivative data signifies long unwinding activity this week, and the open interest data witnessed a decline over 2.31% to $387.22 Million. Moreover, the total amount of holders reflected average moves and noted around 25.96 million.
Per the Fib levels, the BCH price trades above the 50% zone and is eyeing to cross the 61.8% mark above $680, delivering a positive outlook. Furthermore, the RSI curve stayed above the midline, but displayed a negative crossover on the charts.
The total supply of the BCH coin is 19.13 million, whereas the volume-to-market cap ratio is 0.0652, and it ranked 16 in terms of market cap in the global crypto market.
Summary
The Bitcoin Cash (BCH) coin price trades in the bullish region, reflecting buying momentum over the past few weeks. Moreover, the trend is intact and the coin may continue to replicate outperformance and will skyrocket above the $700 mark soon.
Technical Levels
Support Levels: $600 and $570
Resistance Levels: $620 and $700
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
