Bitcoin Cash Price Prediction: Decline in Value of 1.27% After Resistance Rejection

The Bitcoin Cash Price Prediction

The Bitcoin Cash price has experienced a decline of 1.27% after being rejected at a $366 resistance level. Here are the key points:

Bitcoin Cash price now – $250.1
Bitcoin Cash market cap – $4.86 billion
Bitcoin Cash circulating supply – 19.4 billion
Bitcoin Cash total supply – 19.4 billion
Bitcoin Cash Coinmarketcap ranking – #15

BCH/USD Market

Resistance levels: $370, $380, $390

Support levels: $150, $140, $130

Looking at the daily chart, Bitcoin Cash (BCH) is still moving within a channel and may need to retreat before heading upwards. The price remains within the 9-day and 21-day moving averages. If buyers manage to power the market, they may find resistance levels at $370, $380, and $390. Bulls need to reclaim the resistance level of $259 to start an upward movement. However, if the market experiences more drops, it could hit the nearest support at $245. A further drop could pull the market to the support levels of $150, $140, and $130. The Relative Strength Index (14) indicates more bearish signals in the near term.

BCHBTC – Daily Chart

Against Bitcoin, if the coin crosses below the 9-day and 21-day moving averages, the price is likely to follow a downtrend. Bears may drag the price below the moving averages, potentially taking it to the support level of 470 SAT and below. The Relative Strength Index (14) suggests bearish pressure on the bulls. If the bulls regroup and halt the downward movement, the Bitcoin Cash price may begin an uptrend and head toward the upper boundary of the channel.

Alternatives to Bitcoin Cash

The Bitcoin Cash price is likely to cross above the 9-day and 21-day moving averages at around $250. If the price continues to create a bullish movement, traders can expect a bullish continuation towards the upside. The Relative Strength Index (14) remains above the 50-level, indicating potential movement towards the upper boundary of the channel.

However, it’s important to note that Bitcoin Cash is a fully community-driven project with a commitment to user adoption. The WSM token, on the other hand, has raised almost $19m in its ongoing presale and does not have separate allocations to teams or private sales.

Hot Take: While the Bitcoin Cash price may face a potential downtrend, it’s important to consider alternatives like the WSM token, which offers a unique approach to community-driven projects.