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The Bitcoin Cash price soared 4% in the last 24 hours to trade at $522.26 as of 10:31 p.m. EST as investors rush to buy the crypto.
With the recent uptick in the BCH price, the crypto has risen to the top of CoinMarketCap’s trending list.
Bitcoin Cash Price Escapes A Sideways Channel
Daily chart for BCH/USD (Source: GeckoTerminal)
The Bitcoin Cash price broke out of a medium-term sideways channel between $432.79 and $507.87 in the last 24 hours, according to data from GeckoTerminal. If the altcoin is able to close today’s trading session above $507.87, it could have the foundation needed to rise to the next major resistance level at $571.40 in the short term.
However, closing today’s daily candle below $507.87 might invalidate the bullish thesis. In this alternative scenario, the Bitcoin Cash price could end up continuing to oscillate within the sideways channel. This could result in a drop to the $432.79 support. If this level fails to hold, BCH might end up plunging as low as $371.19 if bulls don’t step in.
Technicals Suggest The Bitcoin Cash Price Might Keep Climbing
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) suggest the Bitcoin Cash price might continue to climb in the next 24 hours.
That’s as the MACD line breaks away above the MACD Signal line, indicating growing bullish momentum for the Bitcoin Cash price. If this trend continues, BCH could have the backing from buyers needed to rise towards the aforementioned $571.40 support level.
RSI readings have also risen in the last couple of days, signaling that bulls are growing stronger against their bearish counterparts. The current reading just under 70 warns the Bitcoin Cash price is approaching overbought territory. Traders will therefore want to watch this indicator, because it might result in a pullback before the Bitcoin price resumes its positive trend.
While the Bitcoin Cash price looks to keep rising, investors are piling into the presale for BTC Bull Token (BTCBULL) with one last chance to buy at this early stage before the project’s launch. According to popular YouTube channel 99Bitcoins, which has over 723K subscribers, BTCBULL has the potential to surge 10X post-launch.
Investors That Buy Into This Meme Coin Stand To Receive Free Bitcoin
BTC Bull Token is unlike the meme coins that came before it, and is built on the belief that the largest crypto by market cap will soar to $1 million per coin and possibly even higher. As such, the project has set specific price milestones that will either trigger a BTC airdrop or a BTCBULL token burn.
The first of those airdrops will happen when Bitcoin breaks $150K for the first time. Thereafter, every new $50K milestone BTC achieves will result in another airdrop. This gives investors a way to ride BTC’s gains without having to buy the crypto directly.
Not only can BTCBULL investors potentially profit from BTC’s gains. The project’s native token could also rally if demand begins to soar. With the opportunity to receive free Bitcoin for simply buying and holding BTCBULL, there is a high probability that this will lead to strong upside pressure on the meme coin’s price.
That potential buy pressure is amplified by the project’s BTCBULL token burns, which will follow the same $50K-milestone schedule but will kick off when BTC breaks $125K for the first time. By shrinking the token’s supply, BTCBULL essentially becomes more scarce, which could drive its value up and lead to the 10X rally predicted by 99Bitcoins.
Investors Have Last Chance To Buy BTCBULL In Presale Before Claims Go Live
There is already strong demand for BTCBULL even while the token is still in its presale stage, as evident by the more than $7.8 million the project has raised so far. With less than a week left until the project’s claims go live, investors have one last chance to buy in at this early stage.
Interested investors can acquire BTCBULL for $0.002585 apiece via the simple buy widget embedded on the project’s website. Available payment options include both crypto and bank card.
Once purchased, the tokens can also be staked in the project’s presale staking pool, which offers a 52% APY.
Anyone looking to buy will want to hurry, because the presale will end in around 6 days.
Check out BTCBULL on its official website.
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