Bitcoin Cash Surges 18%, AI Crypto Signals Platform Raises $2.7M – Is it Too Late to Invest?

Bitcoin Cash (BCH) is volatile today as the bears seek to limit its price gains. It is trading negatively, down by 8.35% in the last 24 hours.

But its trading volume is up by 2.9% at press time, indicating that the bulls are still active in the market. Its 7-day high value is $326, a notable increase in the past week. 

BCH traded at $305.1 on June 30, a notable increase in its price. However, the bears forced it to $290.78 on July 1, and it is currently trading at $261.76 today.

BCH Bulls Return To Force Downtrend

BCH is in a downtrend today, forming its third consecutive red candle on the daily chart with lower lows. The buying pressure for the token has stalled as it enters a retracement phase in the market today. 

Despite the current downturn, BCH is still trading above its 50-day and 200-day Simple Moving Averages (SMA), a long-term and short-term bullish sentiment. 

It implies that the price dip might be temporary and accompanied by another rally. Also, its Relative Strength Index (RSI) value is 66.29, close to the overbought region of 70. The RSI is retracing into the channel below the overbought region.

While it is still bullish, the current retracement reflects the bearish trend of the past three days. BCH’s Moving Average Convergence/Divergence (MACD) is above its signal line, a bullish sentiment. Similar to the other indicators, the MACD is moving down and will likely descend below its signal line to show a bullish retracement.

Despite its current positive value, the Histogram bars are faint, hinting at a bearish turn ahead. BCH will likely trade in the red in the coming days till the Bulls restart their rally.

BCH Support And Resistance Levels

BCH met stiff resistance at $291.70, preventing its rise and moving it to a downtrend. It is currently approaching the $224.48 support level, which will prove critical to prevent a further drop to $193.98.

However, if the bulls rally again, a break above the $291.70 resistance level will move it to $304.69. Based on its past price history, it will likely recover close to the $224.48 support level. 

Factors Affecting Bitcoin Cash’s Price 

Several factors affect the price of cryptocurrencies in the market. These factors range from external factors to internal factors within their ecosystem.

These factors include:

1. Macroeconomic factors such as inflation, recession, and Consumer Price Index (CPI) data.
2. Crypto regulations: recently, crypto regulations in certain regions, such as the United States, have increased, disrupting the market.
3. Laws of supply and demand: Scarcity increases demand and indirectly influences the price of an asset positively. In contrast, excess supply causes inflation forcing a price drop. 
4. Utility: Tokens with everyday applications in high-demand areas will rise in value.
5. Investors sentiment: ultimately, the trade decisions lie with the investors who decide to adopt or dump a particular token, thus affecting its price action. 

6.. Development and innovative trends: Recent developments and trends within a crypto ecosystem will influence its price.

Recent Trends On The BCH Network

BCH DEX Launched

Following the recent launch of the CRC-20 tokens, fex.cash, a decentralized exchange, is now operational. According to the exchange, they support CRC-20 tokens, which are popular among the Chinese Bitcoin Cash community.

 Also, they claim to support BCMR-listed tokens to give their users a wider range of options. This development could likely boost BCH’s price if the exchange records success.

Bitcoin Cash Alternative 

While Bitcoin Cash experiences price volatility today, investors can take advantage of this exciting presale. 

Launchpad.xyz (LPX)

Launchpad. XYZ is a leading light in the AI revolution based on its utility and exciting roadmap. It provides traders with vital tools and insights for successful trading. 

Also, its decentralized design makes it an ideal launch portal for projects and fundraising events where investors connect securely.  Launchpad uses AI technology to simplify the trading process providing crypto traders a competitive edge in the volatile market.

Launchpad provides learning opportunities for its users to understand Web3 and its innovations better.

LPX Presales Reach Significant Milestones

Launchpad’s presale is a market success as its native token LPX gathers increasing interest from the crypto community. Early investors can benefit from a guaranteed price increase once the LPX token lists on exchanges.

Currently, the presales are at $1.09 million, approaching its goal of $1.55 million. Notably, each LPX token is worth $0.0445 and will move to $0.046 in the next stage. 

LPX has a fixed listing price of $0.0565 on exchanges rewarding early investors in the presales. These tokens are acquired with USDT, ETH, or direct bank deposit.

Launchpad’s exciting roadmap and detailed whitepaper make it a noteworthy project for investors hoping to diversify their portfolios.