Bitcoin Cash (BCH) has demonstrated resilience amid the prevailing cryptocurrency market downturn. While heavyweight contenders like Bitcoin (BTC) and Ethereum (ETH) have been exhibiting bearish trends, BCH has been able to stabilize, eyeing a potential uptick.
Over the past few days, the value of Bitcoin Cash witnessed a consistent downward trend, plunging below the $200 mark. At one point, it even dipped beneath $195. However, in comparison to BTC and ETH, Bitcoin Cash’s decline was notably mild. The currency managed to maintain a robust position near the crucial $180 support zone. This steadfastness led to a bottom formation close to $180, hinting at a potential upward trajectory.
Currently, Bitcoin Cash is trading at $191, with a surge of 2.05% growth in the last 24 hours. The hourly chart reveals an interesting pattern: a pronounced bullish trend line emerged after an initial bearish stance at the start of the day. Additionally, the 24-hour trading volume has soared to an impressive $215 million, showing a sign of recovery in Bitcoin Cash price. The current market capitalization is at $3.72 billion, making it the 5th largest cryptocurrency in the world.
The support is present at $181, which is currently intraday low touched by bears. The key resistance level for bitcoin cash price is $200. If the bulls can gain momentum and break the key resistances, there could be a nice recovery to $205 or even higher in the coming sessions. Conversely, if BCH fails to stay above the $180 support zone, it might revisit the last low of $175.
In comparison, Bitcoin, the crypto giant, is teetering near a support level of $25,000, currently priced at $25,843. Ethereum, on the other hand, has taken a hit from its previous $2,000 resistance point, with its value now languishing below the $1,600 marker at $1,581.
The technical prognosis for BCH remains optimistic. While the price floats under the SMA 200, positioned at $201.04, and the 100 simple moving average (4 hours), the 50-EMA stands tall above the 20-EMA, indicating potential bullish momentum in the foreseeable future. Adding weight to this bullish narrative is the Relative Strength Index, which stands above the midline at 58.77, signaling a short-term bullish inclination. The MACD indicator further validates this sentiment, gradually intensifying its bullish momentum.
