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The Bitcoin Cash price prediction shows that BCH is recovering from the daily low of $462.75 level as the price remains within the moving averages.
Bitcoin Cash Price Plunges by 13% as 130,000 BCH Wallets Close Down Within 3 Days
On May 29, Bitcoin Cash (BCH) price dropped to a new weekly low of $462, marking a 13% decline over 8 days. Technical indicators reveal that BCH bull traders are now striving to prevent a further decline below $440. Adding to the bearish outlook, on-chain data indicates an unusually high number of investors have exited the Bitcoin Cash network in recent days.
Bitcoin Cash Prediction Statistics Data:
- Bitcoin Cash price now – $468.34
- Bitcoin Cash market cap – $9.2 billion
- Bitcoin Cash circulating supply – 19.7 billion
- Bitcoin Cash total supply – 19.7 billion
- Bitcoin Cash Coinmarketcap ranking – #16
BCH/USD Market
Key Levels:
Resistance levels: $700, $755, $805
Support levels: $255, $205, $155
BCH/USD is recovering from the daily low of $462.75 as the coin ranges within the 9-day and 21-day moving averages. At the time of writing, Bitcoin Cash is changing hands at $468.34 with a loss of 0.38% since the beginning of the European session. However, with latest the recovery, the digital asset is currently likely to cross above the moving averages within the channel.
Bitcoin Cash Price Prediction: Can BCH Break Above $500?
The Bitcoin Cash price may head upward and could cross above the moving averages if the bulls resume into the market. However, if the bulls push the coin to the upside, BCH/USD may likely touch the potential resistance levels of $700, $755, and $805. Meanwhile, any strong selling pressure below the current market value at $468.34 may drag the price below the lower boundary of the channel.
Nonetheless, should in case Bitcoin Cash slide to the downside, a bearish continuation could bring the price to the supports at $255, $205, and $155. The technical indicator shows that the 9-day MA is likely to cross below the 21-day MA to suggest a possible bearish movement for the market.
BCH/BTC Could Move Bullishly
Against Bitcoin, the buyers are now showing some commitments to the market as Bitcoin Cash moves a little bit upward. However, following the recent positive sign, the current market movement may create an uptrend if the buyers can push the price above the 9-day and 21-day moving averages.
Moreover, as the coin moves to cross above the moving averages, the market price may resume an uptrend which could touch the resistance level of 9500 SAT and above. Meanwhile, a bearish cross below the lower boundary of the channel could lower the price to the support level of 4550 SAT and below.
Meanwhile, @JaneBennet8474 shared insights with her 37k followers on X (formerly Twitter), suggesting that the $BCH daily chart indicates a potential 35% increase in the spot price. She also advised caution for those trading futures, recommending a maximum leverage of 2x for safety. Setting a buy order at $447.25, she wished good luck to all the dream chasers in the market!
The $BCH daily chart seems primed for a potential 35% increase in spot price.
If you're considering trading this in futures, it's advised to use a maximum leverage of 2x for safety.
Set your buy order at $447.25 and good luck to all the dream chasers out there!#DYOR… pic.twitter.com/Vl9qAbyX8B
— Jane Bennet (@JaneBennet8474) May 28, 2024
Alternatives to Bitcoin Cash
The Bitcoin Cash (BCH) is currently trading below its 9-day and 21-day moving averages. Increased selling pressure could push the price down to $450, while bullish activity could drive it up to $500. Despite holding the 16th position in the cryptocurrency market with a market cap of $9.2 billion, its growth potential is limited. This has shifted trader interest to Dogeverse ($DOGEVERSE), which has raised over $15 million in its presale. Now is the final opportunity to invest in Dogeverse before its launch.
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