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Bitcoin Cash price prediction shows that BCH could head towards the lower boundary of the channel, which could then settle into consolidation.
Bitcoin Cash Prediction Statistical Data:
- Current Bitcoin Cash Price: $313
- Bitcoin Cash Market Cap – $6.17 Billion
- Bitcoin Cash in circulation: 19.75 million
- Total Bitcoin Cash Supply – 19.75 Million
- Bitcoin Cash Coinmarketcap Ranking – #15
Evaluating a cryptocurrency’s potential often benefits from early investment. For example, Bitcoin Cash (BCH), which has a 24-hour low of $311.42 and a high of $325.87, has seen dramatic fluctuations over time. It reached an all-time high of $4,355.62 on December 20, 2017, which reflects a 92.82% decline from that peak. Conversely, it reached an all-time low of $75.08 on December 15, 2018, but has since increased by over 316% from that low. This historical performance highlights both the token’s volatility and its significant recovery potential.
BCH/USD Market
Key levels:
Resistance levels: $400, $420, $440
Support Levels: $240, $220, $200
The BCH/USD pair is moving within a descending channel and is encountering a significant resistance level at $313. This level has historically acted as both support and resistance, making it a crucial barrier for BCH. Recently, the price attempted to break out of the moving averages but was rejected at the $326 level, highlighting the strength of this resistance.
Bitcoin Cash Price Prediction: BCH Price Could Consolidate Below Moving Averages
Despite the recent rejection, Bitcoin Cash price has formed several bullish patterns, including a breakout of a long-term descending wedge. This pattern suggests the potential for further upward movement, but the price is now testing the $311 level that has provided strong support. However, this support is critical, as a breakout could lead to further declines, potentially testing the channel’s lower support at around $250. Any further downtrend could hit critical supports at $240, $220, and $200.
Nonetheless, if BCH manages to break out of its current descending channel, the next important resistance level to watch could be around $360. A break above this level could trigger a rally towards this target, offering substantial upside potential for traders. Meanwhile, if buying pressure increases, the price could move closer to the channel to reach the $380 resistance. Trading at this level, a bullish continuation could reach the $400, $420, and $440 resistance levels respectively.
BCH/BTC pair continues to decline
Against Bitcoin, Bitcoin Cash is likely to continue its bearish movement as bears continue to show serious commitment within the market. According to the recent negative sign, the downtrend could continue as long as buyers fail to push the price above the 9-day and 21-day moving averages.
However, the 9-day moving average remains below the 21-day moving average, which confirms the bearish move. Therefore, any further downtrend could reach the support level of 4,300 SAT and below, but a bullish crossover above the upper boundary of the channel could push the price towards the resistance level of 6,500 SAT and above.
Meanwhile, towards the end of August, @HBVT8375 updated his followers on X (formerly Twitter) regarding the future of $BCH. He noted that if $BCH closes the month above $400, like the previous month, it could signal the start of a major bull run. However, if it fails to reach that mark, he advised accumulating more $BCH in anticipation of future gains. This strategic outlook underscores the importance of the $400 level as a key indicator of potential bullish market momentum.
The month of August is coming to an end. $BCH closes this month above $400 like the previous month. If so, a big uptrend for $BCH is ahead. Otherwise, buy more. pic.twitter.com/mhkCchqtW4
— LEO68 (@HBVT8375) August 30, 2024
Alternatives to Bitcoin Cash
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