Bitcoin Cash Gains $17 In A Day - How High Can It Go?

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Bitcoin Cash is gaining today on the price chart as the general market crypto market wears a more positive price outlook.

Bitcoin Cash is a hard fork from the original Bitcoin blockchain. Therefore, it has a strong price correlation with BTC, similar to most altcoins.

It seeks to provide financial solutions with faster transaction times and cheaper rates than Bitcoin. It is largely decentralized and relies on the Proof-of-Work (PoW) consensus mechanism to secure its network, similar to Bitcoin’s.

Fortunately, BTC is trading above the $30,000 price level at press time, thus having a positive impact on the market. Its price gains today imply increased market activity as BCH attempts a price rally.

BCH Enters Late Rally In June

Bitcoin Cash’s current rally began in June after it traded at $195.40 on June 25. It increased to $223.48 on June 26, climbing further to $230.18 on June 27.

It increased to $253.45 on June 29, after a slight retracement on June 28 to $225.38. Also, it moved to $305.01 on June 30, retracing slightly to $290.78 on July 1.

BCH traded at $298.81 on July 2, dropping to $288.72 on July 3. Furthermore, it moved to $272.43 on July 4, declining further to $271.94 on July 5.

Currently, BCH trades at $296.24, a 7.70% increase in its price in the last 24 hours. Also, its trading volume is up by 149.63%, showing increased buy pressure in the market today.

Bulls In Control Of The Market, Seek To Reclaim The $300 Price Level

BCH is trading in an uptrend today, forming a green candle today following the long-legged Doji formed on the price chart yesterday. This Doji signified a trend reversal evident in the price upturn today.

Notably, it is trading above its 50-day and 200-day Simple Moving Averages (SMA), expressing a short and long-term bullish sentiment for the asset.

The trendline supported the asset as it moved into the uptrend. Also, the Golden Cross formed on June 26 ushered in the positive price action for the asset.

Its Relative Strength Index (RSI) value is 74.62, currently in the overbought region above 70. It implies that more traders are in long positions in the market today, causing the asset’s price to reclaim its former highs.

BCH’s Moving Average Convergence/Divergence (MACD) is above its signal line and rising. It also confirms the bullish sentiment on the chart today. However, the MACD’s Histogram bars are fading, hinting at a possible retracement from the overbought zone for consolidation.

Also, the RSI indicator moves sideways, implying a possible retracement back into the channel from the overbought zone if the bears mount pressure. BCH will likely continue its uptrend in the short term if the bulls maintain the current price action.

BCH Support And Resistance Levels

BCH has broken above the $291.70 resistance signaling massive buy pressure as the bull’s rally today. Its support levels of $193.98 and $224.48 held, enabling the asset to move above its closest resistance.

The upper wick on the candle today is close to the $304.69 resistance level as the buying pressure continues to increase in the market. It will likely exceed the $300 mark if the bulls sustain the rally in the short term.

Factors Likely Affecting BCH’s Price

Several factors could influence a crypto asset’s price. These factors act either independently or in combination. They include:

Crypto regulations: tough crypto regulations could affect the price of an asset if the legislations are not crypto-friendly.
Macroeconomic factors such as inflation and recession could influence an asset’s price and the global economic landscape. Regions like Ukraine and Russia experienced a significant drop in crypto activities due to widespread conflict, thus leading to a price drop.
Crypto adoption: A project’s adoption by investors is vital to its positive price action. As more investors accumulate tokens, their value will eventually increase.
Laws of supply and demand: These laws govern every financial market and apply to cryptocurrencies. Excess supply depreciates a token’s value, while limited supply drives demand, thus increasing its value with scarcity.
Utility: The practical application and relevance of a crypto project in everyday living helps to boost its overall value. Projects such as Ecoterra focus on environmental preservation, thus granting them relevance.
Developments, innovations, and trends: Developmental activities within a crypto ecosystem help boost its relevance, reach, and price action.

Here are the recent trends on BCH’s network likely to affect its price action.

Bitcoin Cash Hashrate And Mining Difficulty Rises

Bitcoin Cash is currently gaining in the market today. There is a notable increase in its current hash rate and mining difficulty as miners move to the blockchain, hoping to realize a profit.

CoinWarz data reveals that BCH’s hash rate increased to over 5.45 EH/s at the end of June, recording its highest peak in two years. It implies that the overall network security will improve as more miners migrate to the blockchain.

Also, the mining difficulty spiked to 463.71 G in less than 24 hours of its rally. The sudden spike in BCH’s price has backfired for investors shorting its futures and contracts.

Possibly, Bitcoin Cash’s upcoming Halving in 2024 is likely behind the current rise in hash rate and mining difficulty. However, the general recovery of the crypto market is the most probable cause of the current rally.

EDX Crypto Exchange Launches Offers BCH

EDX Markets (EDX), a crypto exchange backed by Fidelity Digital Assets, Charles Schwab, and Citadel Securities, recently launched in the United States.

Currently, the exchange offers only four cryptocurrencies, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

The announcement that EDX supports BCH is likely a contributing factor in the recent price surge for the token.

SELENE Wallet Upgrades To New Version

Selene, a new crypto wallet that supports BCH tokens exclusively, has upgraded to version 1.0.8. Users will update their wallets to benefit from improvements and bug fixes.

Also, the team has developed an iOS version of their wallet for Apple users. All details of the upgrade are available on their YouTube podcast.

Similarly, the Paytaca wallet team has developed an open-source indexer for BCMR (Bitcoin Cash Metadata Registry) metadata. The next release of their wallet will reflect the CashToken metadata.

BCH BULL Exceeds 8000 Contracts

Bitcoin Cash DeFi activity is rising as BCH BULL, its stability solution, crossed the 8000 smart contract mark.

BCH BULL is a web application that enables its users, Bulls, to take long positions with leverage. Also, users can hedge with BCH against several metals, crypto assets, and fiat.

Smart contracts on the Bitentire prccess ooin the Cash blockchain. Notably, the increase in DeFi activity on BCH’s network could influence its price action positively.

BCH Alternatives

While BCH records impressive gains today, an exciting presale relevant to the environment is currently in its closing stages.

This project could reward investors based on its relevance to the global drive for a clean and healthy environment.

Ecoterra (ECOTERRA)

Ecoterra is a Recycle-to-Earn (R2E) green initiative that rewards users for engaging in eco-friendly practices, especially recycling.

It is a Web-3-enabled project that backs the initiative to minimize pollution to the bare minimum, eliminating health and environmental hazards. It enables users to earn carbon credits to participate in carbon offsets, reducing pollution.

Carbon is a major atmospheric pollutant emitted from burning fossil fuels. This carbon problem triggered a worldwide green revolution with alternate sources of transportation, such as Electric vehicles enjoying massive adoption in a bid to reduce pollution.

Key Features

Ecoterra has some outstanding features that encourage safe environmental practices.

R2E: The Recycle-to-Earn initiative rewards users for recycling waste products based on their environmental impact.

Ecoterra also offers its users a marketplace where they trade recycled materials using ECOTERRA, the platform’s utility token.

To benefit from Ecoterra’s R2E, users must scan the barcode of any item on the Ecoterra app (soon to launch) and deposit the object in an RVM. Using its AI database, the machine assigns values to the items.

Ecoterra’s Reverse Vending Machine (RVMs) helps to track customers recycling and sustainability levels. The activities on this machine are monitored using the app, giving users additional rewards for recycling.

Ecoterra’s Ongoing Presale

$ECOTERRA is in its last presale stage and is currently valued at $0.01 per token. Investors can participate in this presale to purchase ECOTERRA from the official website. This purchase is done with USDT, ETH, or a bank card.

Ecoterra’s presale is in the final stage, with just six days before its launch. The presale has generated $5.86 million out of the target of $6.7 million.

With the rising investors’ interest in the token, a late scramble for accumulation towards the end of the presales is likely.

Also, as an added incentive for investors, Ecoterra offers its users a 10% bonus in ECOTERRA tokens on every transaction during the presale.

Ecoterra’s massive potential makes it one of the crypto projects to pay close attention to in 2023. Its utility will likely sustain it and increase its value in the future.

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