Bitcoin Cash (BCH) Surges 21% In One Week, Will This Rally Continue?
February 21 2023 - 11:30AM
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The global cryptocurrency market capitalization is down by 1.20% in
24 hours. As such, a lot of cryptocurrencies are down in the last
24 hours while others still hold their past week’s gains.
However, some crypto prices have been up over the past 24 hours.
Bitcoin and Ethereum have gained some percentage to their past-day
prices. Bitcoin Cash (BCH) is among the assets whose prices are
green today. The coin gained 4.30% over the past 24 hours with an
over 21% 7-day price increase. Related Reading: Fetch AI (FET)
Soars 12% On Partnership With German Tech Giant With this 7-day
price gain, BCH is outperforming the global cryptocurrency market,
which has only increased by 9.50% over the past seven
days. But investors are speculating about the token’s possible
price actions in the coming days. Bitcoin Cash Recent Trends
And Factors Pushing Price Bitcoin Cash has seen notable price gains
this year. The coin closed at $96.96 on January 1 but rose to
$101.48 on January 4. It continued rising till it hit $138.27 on
February 5 before correcting to $234.46 on the same day. BCH
experienced some pullbacks between February 5 and 14 before
rallying to $134.09 on February 17 and continued. The coin also
rallied nearly 6% on February 20 and currently stands at $148.01.
Also, BCH has recorded a 12.83% increase in trading volume, with a
2.09% rise in market cap over the past 24 hours. An increase
in trading volume often suggests more BCH usage. It could also
indicate a growth in on-chain activity and might be among the
factors fuelling the Bitcoin Cash price rally. The recent
improvement in investor sentiment in the crypto market might be
among the factors fuelling BCH’s price rally. The fear and greed
index is 60, suggesting investors buy more assets. It strongly
indicates that investors’ sentiments for several digital assets are
high. This is also why BCH’s price witnessed its recent price
performance. According to CoinGecko, the community is bullish about
Bitcoin Cash today, with over 90% of users feeling good about the
coin. Bitcoin Cash Price Prediction, Will BCH Hit $200 Soon? BCH
has continued its positive price form today, forming higher highs
on the price chart. The token has been in an uptrend since February
13, 2023, despite slight fluctuations on some days. The price
increase led to a golden cross on the chart. BCH is trading above
its 50-day and 200-day Simple Moving Average (SMA), a bullish
sentiment for the cryptocurrency. These indicators imply a short
and long-term price increase for the asset. The support levels are
$124.48, $129.55, and $136.91, and the resistance levels are
$149.33, $154.40, and $161.76. The Relative Strength Index (RSI) is
at 67.91, in the buy zone and close to the overbought region of 70,
also another bullish sentiment for BCH. BCH’s MACD (Moving Average
Convergence/Divergence) is above its signal line, another bullish
sentiment. With the bulls charging currently, expect the BCH to
rise above its resistance levels in the coming weeks. The $161.76
level will prove critical to its rise to $200. However, the $200
level remains a long-term target. Featured image from Pixabay and
chart from TradingView.com
Bitcoin Cash (COIN:BCHUSD)
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