Bitcoin Cash (BCH) has been experiencing a recovery after dropping to a low of $180. The price of BCH reached a high of $225 before dropping to around $200. However, it has since climbed back up to an intraday high of approximately $215. At the time of writing, BCH is trading at $212, showing a 3% increase for the day. The trading activity for BCH has also significantly increased, rising by 40% to $170 million over the past 24 hours.
On a longer timeframe, BCH remains bullish, with a 12% rise in the last 30 days and a 73% rise in the last six months. It has also seen a 120% increase in 2023 and an 88% increase over the past year. According to CoinPedia, BCH is expected to break out and reach $300 once it surpasses the barrier at $228.
The current price analysis for Bitcoin Cash suggests that it is in a second bullish session on the daily timeframe. It is facing resistance from the 100-day Simple Moving Average (SMA) at $222 and the psychological level of $225. If these barriers are breached, BCH could rise to collect liquidity above this level towards $250. In more ambitious scenarios, the price may even reach the psychological level of $300.
The Relative Strength Index (RSI) supports this positive outlook, showing an upward trajectory and indicating increased upward momentum over the past 24 hours. Additionally, the Supertrend indicator’s position below the token confirms buyers’ control over the price.
However, if BCH turns down from its current levels and closes below the 50-day SMA at $205, it may drop to seek support at the psychological level of $200. If this level doesn’t hold, further retreats towards $195 or even to the SuperTrend’s green line at $183 may occur.
While BCH has the potential to provide a 33% return on investment if it reaches $300, the current market volatility makes it uncertain when this will happen. Investors may consider exploring other cryptocurrencies, such as Bitcoin BSC, which is currently in presale and offers similar growth opportunities.
Bitcoin BSC is a stake-to-earn cryptocurrency project built on the BNB Smart Chain. It aims to provide a greener alternative to Bitcoin and offers integrated staking features for passive income generation. The project’s native coin, $BTCBSC, is auctioning at $0.99, the same price Bitcoin was available for in 2011. Staking rewards are released every 10 minutes, similar to Bitcoin’s block confirmation, with a gradual release over 120 years.
The BTCBSC presale has already raised over $5.4 million. Those interested can visit the official website, connect their wallet, and swap their ETH, USDT, or BNB for BTCBSC during the presale period.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.