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The Bitcoin Cash price jumped 7% in the last 24 hours to trade at $586 as of 5:30 a.m. EST on trading volume that dropped 37% to $1.1 billion.
This latest surge is only a continuation of the coin’s week-long price increase that allowed it to go up by 43% in the last seven days. The price increase is believed to be a result of several factors. First, there is the fact that the crypto market has seen a recovery over the past several days, led by Bitcoin itself.
Bitcoin Cash’s growth has started even earlier and it has been steadier and more consistent, but the fact is that BTC recreated the bullish market that allowed BCH to continue its surge.
Another, possibly even bigger reason, is that BCH is about to see its own halving. While the crypto sector is awaiting Bitcoin’s halving, scheduled to take place in a few weeks, BCH’s halving is only a few days away, expected to happen on April 3.
Once it happens, BCH block rewards will go down from 6.25 per block to 3.125 per block. With that said, experts believe that the new price surge comes in anticipation of the event.
Bitcoin Cash Price Prognosis
Bitcoin Cash price has seen a significant increase over the last week, and especially in the last few days. The surges came in several waves that allowed the token to break major resistances one after the other.
At the time of writing, the project is in the middle of another such growth wave, and if the pattern holds, it might allow the traders to predict how the price will behave in days to come. However, since patterns tend to form and break all the time, many traders might rather turn to technical indicators.
One such indicator, BCH’s Bollinger bands, shows signs of extreme bullishness right now, as the bands started another massive widening — the likes of which only happens during massive price surges.
Another indicator worth keeping an eye on is the coin’s Relative Strength Index (RSI) value, which recently skyrocketed from a neutral position at 49.37 past 70, and beyond, reaching 77.57 as of the time of writing.
Typically, this would be considered an overbought zone, and traders would usually start selling at this point in order to take profit, which would cause the price to drop.
But, given that this surge is taking place due to the upcoming halving in a market that is once again trading in the green, chances are that the increase will continue for a bit longer.
At this point, the BCH price is surging rapidly, and it has already achieved a 2-year high. In fact, the last time it recorded these levels was in November 2021. While it has several resistances standing in its way, the largest ones are arguably at $650, $700, and $750.
Whether the coin can reach that high up, or if its price will be stopped at a lower resistance, still remains to be seen, as this largely depends on the traders’ behavior over the next few hours.
Promising Alternative to Bitcoin Cash
One of the most promising alternatives to BCH right now is actually an eco-friendly token called eTukTuk (TUK). Unlike Bitcoin and Bitcoin Cash, which were often criticized due to their carbon footprint, eTukTuk has started the green AI revolution.
The project’s goal is to promote eTukTuks — an AI-powered sustainable transport solution that, according to the project, can revolutionize transportation in developing nations. Not only that, but in time, it might also do the same for the rest of the world, as well. After all, eTukTuk is not only a greener alternative, but also a more convenient one for simpler transportation.
The project even has a P2E game where users can drive one of its eTukTuks through the streets of Sri Lanka and behave as a taxi service for customers who are in a hurry to get from point A to point B as quickly as possible.
1/ As our world races ahead, personal vehicles surge, bringing environmental challenges. But there's hope! 🚗❌
Today, we explore cities championing eco-friendly public transport.
Buckle up! 🌿 pic.twitter.com/joRizVjYRh
— eTukTuk (@eTukTukio) February 7, 2024
Right now, eTukTuk is nearing the end of its presale, and so far, it has raised over $2.59 million. Its token is selling for $0.029, and it can be bought in exchange for BNB, ETH, or USDT. Alternatively, you can also buy it with a debit or credit card.
Visit TUK presale here.
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