Bitcoin Cash is displaying strong price movement, and more people are joining the movement. It is trading at $342.95 after adding 3.04% in the last 24 hours. BCH’s market capitalization is $6.8 billion, and its trading volume in the past day is $355.35 million, which increased by 41.14%. The growth indicates heightened market activity.
The CoinMarketCap price chart shows that BCH is trending upwards, reaching a high of $350.8 within the last 24 hours before dropping to its current value. The high trading volume shows traders actively engage with BCH while waiting for a decisive price movement.
Bitcoin Cash Retests Key Resistance
Crypto analyst Jonathan Carter shared a TradingView chart that shows BCH retesting the upper boundary of a descending channel after a breakout on the daily chart.
The price action suggests that Bitcoin Cash (BCH) previously traded within a downward-sloping channel, which typically signals a bearish trend.
However, a break outside of this range usually indicates a trend reversal. The chart also indicates that BCH touches the 50-day moving average (MA 50), a key indicator traders monitor to confirm trend direction.
Carter suggests that if BCH breaks above the MA 50, it could ignite BCH toward targets of $500, $565, and even $618. The projected targets indicate that BCH has the potential for substantial upside if buying pressure continues to build.
April Could Be Bullish for BCH
A recent analysis by SVLX on X anticipates that Bitcoin Cash (BCH) will experience a major price surge in the near term, as per its previous trends. The three-day chart shows a symmetrical triangle formation, which suggests a price breakout will likely happen around early April.
This symmetrical triangle is a widely traded pattern. It occurs when the price is trending between converging trendlines, which converge into a tighter range before a breakout. In the case of the Bitcoin Cash price, such a pattern indicates that the price is most likely to rise.
The analyst mentions an example from the recent few months when this situation was seen, creating a strong rally. Based on this trend, the price of Bitcoin Cash could reach between $500 and $600.
However, if BCH fails to break upward and falls below the lower trendline, it may trigger a downward movement, leading to a price pullback before potentially rising again.
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