Elena R
Despite the elite cryptocurrency displaying a mixed sentiment, the industry has displayed a bullish trend reversal in the market as top altcoins and mid-cap tokens record significant uptrends in their respective portfolios.
Bitcoin cash price has successfully regained momentum after testing its low of $584, indicating increased inflow in the market. Moreover, the upcoming Bitcoin Halving is considered one of the major factors for the recent pump as it indicates more traders are turning into investors of this asset.
Bitcoin Cash Price Hits $700 For the First Time Since September 2021!
After displaying a negative trend since the month’s start, the bulls have successfully regained momentum and recorded a significant jump in valuation. Moreover, the BCH price reclaimed $700 after a wait of 29 months, indicating a strong bullish influence in the crypto space.
However, the rally was short-lived as the price faced rejection shortly after reclaiming its high. This further hints at a strong liquidation point at that level as the token constantly faces rejection at its resistance level of $700.
Positively, the altcoin has added over 9% within the past 24 hours and approximately 52.50% over the past 30 days. At the time of writing, the trading price of Bitcoin Cash was $690.1 and its YTD stood at 165.83%, indicating a high potential for this crypto token in the long-term perspective.
BCH’s Market Sentiments!
The Simple Moving Average (SMA) shows a bullish curve in the chart, suggesting a robust positive influence in the cryptocurrency market.
On the other hand, the MACD displays a constant rise in the green histogram, indicating an increased buying-over-selling pressure in the market. Moreover, the averages show a significant uptrend, suggesting the price will continue gaining value in the coming time.
Will BCH Price Reach $1,000?
If the bulls continue to dominate the market, the BCH price will continue gaining value and test its resistance level of $750 during the upcoming week. Maintaining the price at that level will set the stage for the Bitcoin Cash token to attempt to test its upper level of $800 this month.
Conversely, if a trend reversal occurs, the altcoin will lose momentum and fall to test its support level of $650. Furthermore, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $600 in the coming time.
