Bitcoin Cash Price Prediction: Will BCH Break Out Now?

  • According to Bitcoin Cash Price Prediction, BCH currency seems poised to break out of an exciting trend.
  • The BCH crypto price trades above 20, 50, 100 and 200-day daily moving averages.
  • To continue the rally, the cryptocurrency Bitcoin Cash must escape from the upper trend line.

In 2017, Bitcoin Cash was produced as a result of a hard fork in the original Bitcoin blockchain. It has larger blocks than Bitcoin, making transactions faster and cheaper. The block size of Bitcoin is 1 MB, but it is 32 MB for Bitcoin Cash.

Processing more transactions results in faster confirmation times due to the larger blockchain. It facilitates the widespread use of BCH by businesses. Although Bitcoin Cash currently offers a low return on investment, this may change in the future. The largest cryptocurrency is Bitcoin Cash, which has a blockchain size of 187,842,367 kb and an inflation rate of $150,000,000,000 based on daily BCH mining.

92% of the supply, which is identical to Bitcoins, is now in use. BCH has risen more than 65% since its all-time low and fell 97% from its all-time high. The average transaction value of BCH is $440,000 and over the past few weeks this value has been decreasing.

The 28th most valued cryptocurrency is Bitcoin Cash, with a market cap of $2.4 billion. Asset price volume has fallen by 0.38% during the day. The volume-to-market cap ratio for BCH indicates a steady upward price trend.

Bitcoin Cash Price Prediction: Technical Indications!

Bitcoin Cash’s price forecast points towards the cryptocurrency’s recovery phase during today’s trading. The BCH cryptocurrency needs to break out of the symmetrical triangle pattern it has been trading in. However, buyers are trying to push the BCH cryptocurrency price above the upper trend line of the symmetrical triangle pattern.

BCH cryptocurrency has risen by around 9.69% in the last week and 7.77% in the last month. In addition, Bitcoin Cash has recovered around 8.73% in the past three months and BCH Crypto has gained 40% so far this year, indicating that recovery will peak in 2023.

Technical signs point to the BCH cryptocurrency’s uptrend. The overbought region of the relative strength index shows the rising momentum of the BCH cryptocurrency price. The RSI was at 63 trying to maintain against the overbought region.

The price of Bitcoin Cash is on an upward trend, as seen by the MACD. After a positive crossover, the MACD line is higher than the signal line. Until the bull maintains momentum on the higher trendline, BCH investors will have to wait.

Summary

In 2017, Bitcoin Cash was produced as a result of a hard fork in the original Bitcoin blockchain. Bitcoin Cash’s price forecast points towards the cryptocurrency’s recovery phase during today’s trading. Technical signs point to the BCH cryptocurrency’s uptrend. The overbought region of the relative strength index shows the rising momentum of the BCH cryptocurrency price. Until the bull maintains momentum on the higher trendline, BCH investors will have to wait.

Technical levels

Support levels: $130 and $127.50

Resistance levels: $140 and $150

Disclaimer

The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen
Last post by Nancy J. Allen (see all)

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *