and the distribution of digital products.
Bitcoin Cash Following Bitcoin on Bull Run: BCH Price Target
Bitcoin Cash, a fork of Bitcoin, continues to gain traction due to its emphasis on fast transactions and scalability.
Pullback in Uptrend. Price remains in an Uptrend but has pulled back, which could present a ‘buying dip’ opportunity. Traders should look for the nearest support level where price could stabilize and resume its Uptrend. This support level could be a level where price bounced off of in the past, or a level that was previously resistance.
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Bitcoin Cash Price Target- Price: $447.89
- Market Cap: $8.89 billion
- 24-Hour Trading Volume: $793.74 million
- Circulating Supply: 19.79 million BCH
- Max Supply: 21 million BCH
Img src- Altfins
Bullish breakout from Sideways Channel signals end of consolidation and resumption of Uptrend. Price also broke back above $400 resistance and above 200-day moving average, and could revisit $500 next.
Pullback to $360-380 support zone could be a swing trade entry in Uptrend with +25% upside potential to $500. Stop Loss at $330.
Buy Now Weekly Price AnalysisTrend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Neutral.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently
Support and Resistance: Nearest Support Zone is $300.00, then $220.00.
Technical Indicators- Relative Strength Index (RSI): Currently around 61.
- Moving Averages: BCH has sustained above its 50-day moving average.
- Integration with Payment Platforms: Bitcoin Cash’s acceptance for transactions has increased.
- Community Development: The Bitcoin Cash developer community recently proposed updates aimed at enhancing transaction throughput.
- Market Sentiment: Overall positive sentiment in the crypto market, especially among traders and retail investors.
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