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Bitcoin Cash Price Prediction – Will BCH Fall Below $130?

Bitcoin Cash Price Prediction For Today
Bitcoin Cash Price Prediction For Today

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The Bitcoin Cash price is down by 2.68% in the last 24 hours, with its market capitalization seeing a 2.69% downturn. The current trading volume, however, has increased as it currently stands at $225.22 million, which is a 2% increase from yesterday.

After signaling that it would reach the golden EMA crossover a week ago, the Bitcoin cash price failed to maintain support at $140 and is now heading down to its test $130 support.

While the token is still trading above its 200-day SMA, general market conditions regarding this token remain bearish. Investors are considering cutting their losses as if the $130 support fails; the BCH price might go below the $120 mark.

Bitcoin Cash Price: What do the Indicators Say

The current market indicators are putting Bitcoin cash in the bearish zones, with more than half of the technical indicators saying the token is heading in bearish directions.

As far as the token’s 200-day SMA and 50-day SMA are concerned, there is a strong buy signal around. Our experts suggest that the 200-SMA may rise to $118 next month. The increase in the token’s 50-day SMA will be even more pronounced at $133 in March 2023.

The Bitcoin cash oscillators are showing a different story. The Stoch RSI (14), which is currently 100, is signaling investors to sell. The same goes for the Average directional index, which currently lies at 34.18.

But the traditional relative strength index indicator is resting at 51 at the time of writing this article – pointing to a neutral sentiment regarding this token.

Currently, the crucial support level is $131. If Bitcoin Cash fails to keep itself above this level, it might move further down to settle at $124.

The current key price levels for Bitcoin Cash are $131.2, $124, $117.1, and $107. If the BCH price breaks through these levels, it is likely that it will act within extremely volatile zones in the upcoming days.

Despite the current bearish signals, Bitcoin Cash has provided 38.19% YTD returns as it witnessed an upswing thanks to the recent uptick due to Bitcoin getting more support.

Bitcoin Cash Price Prediction – Where will BCH go in 2023

While the current market conditions remain bearish, there has been a significant development in BCH’s price since mid-Jan 2023. Bulls were able to claim a price above its 50-day EMA during that time, which created a positive sentiment around this asset.

However, Bitcoin’s failure to break through its $25k resistance has proven heavy for many altcoins – Bitcoin Cash included.

The token has painted many green candles since the beginning of 2023, but its reds have been longer. The recent reversal has come after Bitcoin Cash peaked at $154. The RSI during that time was 64, showing the potential for a further upside move. However, that was discounted soon with the arrival of three consecutive bear candles.

The recent fall in price is primarily due to Bitcoin’s downward movement toward the $23k mark. At the time of writing, Bitcoin is trading at $23.07k, which is not a good look for the entire cryptocurrency space. That indicates that the interest that surged in mid-January has started to dissipate.

That said, the 50-day EMA and the 200-day EMA are still getting closer. If the current 50-day EMA increases by $7, the golden crossover will occur. That may indicate a major upward movement in the Bitcoin Cash price charts.

Golden Cross Bitcoin Cash

Twitter and Search Trends Remain Volatile for Bitcoin Cash

The recent price movements of Bitcoin Cash have caused some rumbling across Twitter. Coindesk reports that 569 tweets have mentioned Bitcoin cash positively in the past seven days.

But over 1.5k tweets about this Bitcoin fork token have been neutral. 93 tweets, however, have put Bitcoin cash in a bad light.

The official Bitcoin Cash Twitter channel hasn’t posted anything new since 2020. So, it is safe to say that the social indicators are working against it. And since tweets give us an insight into a crypto’s developments, there is not much to say about Bitcoin Cash’s potential at the moment.

What is Bitcoin Cash?

Bitcoin Cash is a hard fork of Bitcoin. It was designed to address the speed-related issues that plague the Bitcoin ecosystem to this day. As such, much of what Bitcoin Cash can do is similar to the original cryptocurrency.

With BCH, it is easy for people to pay for goods and services directly without the intervention of any third party. Cross-border payments are also easier with Bitcoin Cash.

Security-conscious users prefer Bitcoin cash to other forms of payment because it doesn’t unveil anything other than the wallet address.

Bitcoin Cash is Favored in Many Casinos

Bitcoin Cash was conceived as a fork of the original Bitcoin as a way to address its limitations. With a trusted system in place that doesn’t involve any third-party or government intervention, Bitcoin Cash has become a great cryptocurrency for everyday usage.

However, the number of people interested in this crypto asset has dampened. For instance, the number of transactions in 2022 took a downturn from 154k to accumulating around the 22k range.

That said, even though low, the token has managed to maintain a significant level of traction in the market. Part of the reason behind that accumulation has been the rise of cryptocurrency casinos.

Modeled after standard casinos, crypto casinos are gambling platforms that offer the same games but with crypto as rewards, deposits, and withdrawals. Many of these casinos are leveraging Bitcoin Cash’s fast transaction speeds to give faster payouts to their users.

Those who are interested can pick the Bitcoin casinos through our guide. But a word of warning, make sure to test the casinos out in the “fun modes” first to assess their security, payout times, game quality, RTP, and other important features.

Bitcoin Cash Alternatives

Current market trends don’t paint Bitcoin cash in a great light. While the potential of the golden crossover is alive and well, all it would need for it to disappear is consecutive red candles.

Add to that, other than the standard fundamentals; there is not much news about Bitcoin Cash. Even the platform’s official Twitter channel hasn’t posted anything since 2020.

Circumstances like these make it a better option to invest in cryptocurrencies that are not only on the trading charts yet. These assets are currently being offered as presale, IDOs, or ICOs and present a major upside in the coming days.

You can check them out in our new cryptocurrencies list.

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