Bitcoin Cash (BCH) price has been experiencing weakness since Q2 2024. The price has declined due to resistance from a descending trendline.
The bearish trend has halted near the $300 hurdle since July. Sellers have tried to drag the price below the significant support level of $300 but failed many times.
However, the BCH price has bounced back with a strong candlestick from the significant support level. It has surpassed the 200-day exponential moving average (EMA) and reached the crucial breakout level.
Let’s see what the Bitcoin Cash price prediction says about what can happen after the breakout.
BCH Price Shaped a Triangle, What’s Next?
When writing, the Bitcoin Cash crypto traded at $364.80 and has remained neutral over the past 24 hours. The market capitalization was $7.22 Billion, and the 24-hour trading volume was $281.52 Million.
The BCH price has departed from the major support zone. It has extended to the descending triangle. The bullish momentum has halted near the breakout territory and is struggling between the 200-day EMA and the trendline.
If the digital asset price triggers a breakout, it could attract buyers. Suppose the trading volume supports the bullish momentum; buying pressure for the next few weeks can be anticipated. Assuming the price overcomes the $430 mark, it may easily travel to the $500 haul.
On the other hand, if the Bitcoin Cash crypto price faces resistance from the descending trendline, it could be a bearish signal. Bearish candlesticks near 200-day EMA could drag down the price to the significant support level. Strong selling pressure can be seen once the price loses the $300 level.
The MACD has shown a bullish crossover with the Signal line based on the technical indicators. The histograms are green, and the MACD is in the positive territory. The BCH price has smashed the key moving averages, which could generate a bullish momentum.
Is 40% Gain Loading in BCH Price Ahead?
A crypto analyst, World Of Charts (@WorldOfCharts1), shared his analysis about BCH crypto on X. He suggested that the Bitcoin Cash price has triggered a breakout from the falling wedge pattern with a rise in volume.
After a successful breakout, the BCH price is expected to gain 2x by next week. It has the potential to cover 40% in a single move.
Bitcoin Cash Price Analysis and Forecast
The BCH price is currently at a crucial level of breakout. The price has shown a bullish chart pattern and has surpassed the 200-day exponential moving average (EMA).
It has reached the crucial level of breakout. The market capitalization is $7.22 Billion, with a 24-hour trading volume of $281.52 Million.
If the price triggers a breakout and overcomes the $430 mark with support from trading volume, it may easily travel to the $500 level. On the other hand, facing resistance from the descending trendline could signal a bearish trend.
Technical indicators suggested a potential bullish momentum. The MACD showed a bullish crossover, and the price surpassed vital moving averages. Monitoring the price action and trading volume in the coming weeks will be essential to anticipate the next move in Bitcoin Cash price.
