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The Bitcoin Cash price jumped 15% in the last 24 hours to trade at $690 as of 4 a.m. EST on trading volume that skyrocketed 240% to $1.54 billion.
The coin managed to breach the resistance at $600 in the past 24 hours, finally climbing above the $600 mark for the first time since November 2021. The coin’s surge comes for two reasons. The first one is that it mirrors the increase seen with Bitcoin, which once again managed to climb past $71k in the past 24 hours.
The second one, however, is the fact that Bitcoin Cash is about to see a block reward halving in about a day and a half. With that being the case, this is the last surge before the expected price dip which typically comes immediately after the halving takes place.
Bitcoin Cash’s halving comes only three weeks before Bitcoin’s own halving, and while BTC will have a much larger impact on the entire crypto industry, BCH is still a major cryptocurrency. As such, its own halving will have a significant impact on its price performance.
Bitcoin Cash Price Prognosis
Bitcoin Cash price has seen a considerable surge in the last 24 hours, but already, it is showing signs of a correction. While many have expected this due to its upcoming halving, which has historically caused the price to collapse, others are still turning to technical indicators to try and predict what will happen next.
However, the indicators are confirming what traders already expected from historical data. Right now, only a little more than a day before the halving, the token has seen a sudden and sharp narrowing of its Bollinger bands. This is a bearish signal that suggests that the coin’s price is going to drop.
The move is also confirmed by BCH’s Relative Strength Index (RSI) value, which skyrocketed to the overbought zone, reaching he value of 90.44 yesterday, only to then crash to $47.44 at the moment of writing, sinking to the neutral zone, and potentially threatening to go into the oversold area.
RSI directly measures traders’ activity, and this kind of value change shows that many have started selling after the coin approached the $700 mark.
The coin’s value remains unstable, as it has already started seeing a rejection. Right now, it has a support at around $660 which is still managing to hold, although this level could easily break if the selling pressure increases. With the upcoming halving, historical data suggests that Bitcoin Cash price will sink further down.
However, before that happens, the coin might see another bullish wave which could potentially lead it back up. This is based on the possibility that some traders might yet buy the dip, which could return the price to higher levels before the halving takes place. For now, BCH is surrounded by uncertainty with many expecting its price to continue the drop, so anyone dealing with the coin is advised to be extremely cautious.
Promising Alternative to Bitcoin Cash
Even though cryptos from the Bitcoin family are attracting the eyes of the market due to their pending block reward halvings, it is worth noting that market participants are still focusing on other opportunities as well. For example, as BCH breached the resistance at $600, climbing nearly to $700 — the world’s first-ever AR/VR ICO crossed a $3.3 million mark.
The project’s name is 5thScape (5SCAPE), and its intention is to become your gateway to the next big thing of this decade — creating the first AR/VR ecosystem with no boundaries. It can offer hyper-realistic game worlds of virtual reality, but it can also help shape the future of entertainment.
Leaving limits behind! 🚀 We have hit another milestone and has entered the 3rd round of our presale.
So join us on this incredible journey into the future of AR/VR gaming.
#5thScape #Presale #AR #VR pic.twitter.com/ZOkwg8s34E— 5th Scape (@5th_scape) March 26, 2024
At this point, its presale has raised a total of $3.32 million, and it continues to attract more investors. Its token, 5SCAPE, is currently selling for $0.00248, but its price is scheduled to go through several price increases before listing. At the time of listing, the token will be worth $0.01, which is 303% higher than right now. As such, it is worth getting it as soon as possible.
For those interested in buying 5SCAPE, they can get it via their credit/debit card, or in exchange for ETH, BNB, USDT, or MATIC.
Visit 5SCAPE presale here.
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