Bitcoin Cash Price Analysis: BCH Market Cap Exceeds $450 Million, More Upside to Come

  • Bitcoin Cash Coin (BCH) is up a little over 10% this week.
  • BCH price fluctuates below the upper band of the Bollinger Bands indicator.
  • The weekly price action suggests a high-low formation in the weekly time frame.

Bitcoin Cash Coin (BCH) has been struggling on a roller-coaster ride since recording its 2022 lows 2022. BCH price is trading in a narrow sideways where the $110-support line has pumped in the price several times and the bulls don’t yet move their buy orders from the $110 level.

Over the past few days, the BCH token formed a solid green candle as the market leader – Bitcoin – recovered above $20,000, resulting in many altcoins recovering their lost costs. Meanwhile, the coin is trading at the $130 mark against the USDT pair at press time. Thus, the pairing of Bitcoin with Bitcoin Cash Coin (BCH) is in the Red Zone with a 2.8% increase at 0.001197 Satoshis.

After the Bollinger Bands indicator retreated from the lower band, the bulls pushed the price of the asset into the higher zone of the indicator. Now BCH price fluctuates below the upper band of the BB indicator. And the mid-band turned into immediate support in the context of the daily price scale. Meanwhile, the market cap fell 1.6% to $25.7 in the past 24 hours.

Buyers Have a Vital Hedge Zone at $100

The weekly price action suggests a high-low formation in the weekly time frame. Bitcoin Cash Coin (BCH) is up a little over 10% this week. However, the trading volume is down by 70% in the last 24 hours.

On the daily price scale, the Stoch RSI indicator is watching in overbought territory. Besides, the MACD indicator is moving higher in the negative zone.


Conclusion

Bitcoin Cash (BCH) coin is getting rejected near the $ 135 resistance area. But the bulls still have a key defensive zone at the $110 level as the MACD indicator is looking slightly bullish.

Support levels – $100 and $90

Resistance level – $150 and $200

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.