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The Bitcoin Cash price soared 7% in the last 24 hours to trade at $494.24 as of 9:43 p.m. EST as traders go long on the crypto.
The BCH price has been in a positive sequence in the last month, with the latest surge pushing its total gain over this period to 25%.
Bitcoin Cash Price Prints Multiple Higher Lows On The Daily Chart
Daily chart for BCH/USD (Source: GeckoTerminal)
An ascending trend line has emerged on the daily chart for the Bitcoin Cash price following a series of higher lows over the past 2 weeks, according to data from GeckoTerminal. Now, the altcoin is attempting to break above a resistance level at $502.75. Should it overcome this obstacle, it could clear a path for a continued rise in the short term.
However, a rejection from the $502.75 mark could stop the Bitcoin Cash price in its tracks. This might then prompt traders to start selling in an effort to book their profits before it’s too late. BCH could subsequently experience sell pressure and fall to the immediate support level at $471.15.
Technicals Suggest The Bitcoin Cash Price Might Keep Climbing
That technical safety net is also confluent with the ascending trend line. As such, a drop below $471.15 could lead to a bearish reversal of BCH’s current bullish trend. Continued pressure from short sellers thereafter might result in a plunge to as low as $434.47.
From a technical point of view, indicators on the daily chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signs.
The MACD line has continued to break away above the MACD Signal line, which suggests growing buyer momentum that could push the Bitcoin Cash price up higher in the next 24-48 hours.
Meanwhile, RSI readings have also continued to tick up in the last couple of days, as bulls continue to accumulate strength against their bearish counterparts. Traders will want to keep an eye on this technical indicator, however, because the current reading at 70 warns of ever-extended conditions that might lead to a brief pullback.
As the Bitcoin Cash price tries to keep its positive streak going, investors rush to buy a new meme coin called BTC Bull Token (BTCBULL) before its presale ends in around 10 days. 99Bitcoins, a prominent YouTube channel with over 723K subscribers, says BTCBULL could soar 10X after launch.
A Meme Coin That Offers Investors Bitcoin Airdrops
BTC Bull Token is built on the belief that the largest crypto by market cap will soar to $1 million per coin, and possibly beyond. As such, the project has set specific Bitcoin price milestones that will either trigger a BTC airdrop or a BTCBULL token burn.
Those airdrops will start when Bitcoin hits $150K for the first time, with additional rewards at every new $50K milestone BTC achieves after that. Investors are therefore able to profit off of BTC’s gains without having to buy the crypto directly and take on any additional risk.
Meanwhile, the token burns will follow the same $50K milestone-based schedule, but will start when BTC hits $125K for the first time.
The combination of the BTC airdrops and BTCBULL token burns could result in a favorable supply and demand ratio for the meme coin, especially as more investors rush to get in on the Bitcoin rewards.
As the BTCBULL supply continues to shrink through token burns, the potential buy pressure will likely be amplified. This aligns with the 10X rally post-launch that was predicted by 99Bitcoins.
Time Running Out For Investors To Get In On BTCBULL At Presale Prices
BTC Bull Token has raised an incredible $7.2 million in early-stage funding through its ongoing presale so far, signaling strong investor confidence in the project’s future. However, with less than 2 weeks left until the project’s much-anticipated launch, time is running out for investors to buy the token at presale prices.
Before it’s too late, investors can acquire BTCBULL via the easy-to-use widget embedded on the project’s website. Selling for $0.00257, BTCBULL can be bought with both crypto and bank card.
Once purchased, the tokens can also be put to work through the project’s presale staking pool, which currently offers a 56% APY.
Anyone that wants to buy before launch will want to hurry, because the token will make its open market debut in around 10 days.
Visit the BTC Bull Token website.
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