- Bitcoin Cash marked a 5% spike, trading at $491.
- BCH’s daily trading volume has surged by over 94%.
The broader crypto market is swinging within red and green charts over the past few days. Major asset’s price charts are printed in red, with Bitcoin and Ethereum hovers at around $104K and $2.5K. Notably the overall fear and greed index value is sitting at 48, displaying neutral sentiment.
Meanwhile, Bitcoin Cash (BCH) has recently broken through its critical resistance zones between $459.55 and $498.47, hitting a daily high of $500.11 from a bottom range of $458.05. At the time of writing, Bitcoin Cash trades within the $491.31 range, after a jump of over 5.93%.
BCH’s market cap has reached $9.76 billion, with the daily trading volume increased by 94.97%, touching $764 million. Besides, the market has witnessed a $774.70K worth of BCH liquidation, as per Coinglass data.
The weekly price chart of Bitcoin Cash recorded a surge of over 20.72%, which noted the asset’s low at the range of $405. Later, the bullish command has pushed it to the current trading level.
Is a Bigger Breakout Brewing for Bitcoin Cash?
The positive breakout of Bitcoin Cash could push the price to climb and likely test the key resistance in the range of $500. Further correction on the upside triggers the bulls to initiate the formation of a golden cross, and it might support the price movement to hit the $511.30 mark.
Conversely, if the asset fails to meet the key resistance, it might likely step into the consolidation phase, which could drive the price low toward the $480 level. Assuming the bears invite the death cross emergence, the Bitcoin Cash price may fall steeply to its former lows.
BCH’s technical chart analysis reports the positive momentum with the Moving Average Convergence Divergence line crossing above the signal line. This crossover generally indicates that the asset is in a bullish phase, with the potential of the price action strengthening. Moreover, the asset’s Chaikin Money Flow (CMF) is at 0.10, indicating that capital is moving into the asset and pointing to mild buying pressure with a cautiously bullish sentiment.
Furthermore, the daily relative strength index (RSI) of Bitcoin Cash is positioned at 64.16, implies that the asset is gaining strength and may approach the overbought territory. The asset’s Bull Bear Power (BBP) value of 27 signals that the bulls are currently dominating and pushing prices above.
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