As BTC struggled to surpass its 200-day EMA, the BCH price surged toward the 200-day EMA.
Bitcoin Cash ranked 16th in terms of market cap, which was $7.398 Billion at press time. It has witnessed a 7.29% surge. Over major trading platforms, it had a massive spot volume inflow of $255.561 Million in the past 24 hours.
When writing, Bitcoin Cash had 19.732 Million BCH (93.96%) in the people’s hands out of the total 21.0 Million BCH.
Despite the surge in its market cap and price, its liquidity indicated a possibility of less stable market conditions. Based on its 24-hour volume market ratio, its liquidity ratio was 3.44% at press time.
So, investors should assess more carefully, as buying and selling could pose difficulty on an exchange close to its price.
BCH liquidation in the derivatives showed more shorts have been liquidated than longs. The shorts amounted to $433.43K, and longs stayed at the lesser amount of $17.87K. Thus, it signified more bullish pressure at the time of writing.
What Do Active Addresses and Volatility Signify for BCH?
Address activity has been resurgent on BCH. From mid-June onwards, the active addresses count inclined rapidly from the low of nearly 155K active addresses, which is in accordance with the 7-day average.
Active addresses represent the number of wallets engaging with the BCH, which rose robustly. By July 8th, nearly 674K active addresses were recorded at peak. It was near 452K when writing, indicating that BCH users were heavily engaged in the network.
Similarly, the volatility has been lower at 0.042, exhibiting stability in the BCH price. Despite the strong sellers, the buyers are improving their traction.
Decoding Technical Perspective of BCH Daily Chart!
In the Day frame, by March 3rd, the price breached the $320 resistance level and pushed out of the range towards the peak of $689.27, in which the BCH price was trading earlier between $90 to $300 for more than 626 days.
Due to the instability at a peak of $689.27, BCH plunged amid the bears’ dominance. The long-term trendline proved too strong of a resistance, restricting the price to the $422.34 mark.
By June 18th, 2024, BCH had decreased as low as $380, around which it hovered for a couple of days. Thereon, by July 1st, 2024, the notice of the Mt Gox exchange further hurt the price, and by July 5th, the price plunged further to $290.
BCH was near the previous long-term range’s resistance at press time. It turned into a support level that buyers were trying hard to sustain. The price surged almost 25% in the last few days, signifying bullish control slowly developing from the crucial support zone near $300.
If the buyers fail to surpass the resistance of $422.34, BCH would be back towards the support of $300. Breaching that level would lead back to the range of $90 to $300.
It has spent a long time in that range in the past. The next support could be at $249.01, followed by $213.01.
While in case of a rebound, the resistance that would pose interruptions is around $422.34 and $522.37.
The Indicators were bullish at press time due to the bullish presence displayed in price. MACD showed a bullish crossover in a bearish vicinity, and RSI jumped from oversold after cutting 14-SMA from below, which flashed at 50.98.
BCH showing Bullish Signs
Bitcoin Cash (BCH) has shown bullish signs recently despite struggles with Bitcoin. BCH price surged 25% in the past few days, with more users engaging with the network.
Key technical indicators were bullish at press time. A breakout could be imminent if buyers surpass the resistance at $422.34.
