- Bitcoin Cash (BCH) broke its prolonged bearish trend with a 24% rally, rising from $429 to $533.
- The recent surge in BCH follows Bitcoin’s record high above $98.3K.
As Bitcoin (BTC) recorded a new all-time high of $98,342 on Thursday, its hard fork, Bitcoin Cash (BCH), broke a prolonged bearish trend and entered the $500 zone for the first time since May. Over the past 24 hours, BCH’s price soared over 24%, rising from a low of $429 to an intraday high of $533.
Bitcoin Cash has had a slow start in the current bullish trend. Although it began the year with positive momentum, later it has fallen sharply since reaching its yearly peak of $714 in April.
Nevertheless, the recent rally has brought renewed optimism, with BCH gaining 24% in a single day and topping the gainers list. Will this current rally in the altcoin send it above $1000 once again?
24-H Technical Analysis Shows Bullish Outlook for Bitcoin Cash (BCH)
At the time of writing, Bitcoin Cash is priced at $520, with a market cap of $10.19 billion. Additionally, the daily trading volume of BCH has soared over 310%, reaching $1.73 billion. Further, the technical indicators are also offering a bullish outlook.
The 4-hour chart reveals a falling-edge breakout rally, suggesting that BCH is gaining momentum. The cryptocurrency has broken above the 50-day EMA, signaling the end of its six-month consolidation phase. Additionally, the Ichimoku Cloud in the daily chart shows positive signals, with the conversion line at $469 and the baseline at $515 suggesting continued upward movement.
Moreover, the MACD above the signal line is a sign of bullish momentum in the market, making it a favorable time for potential long positions. The CMF at 0.20 supports the idea of moderate bullish momentum, and traders may consider this as confirmation to maintain long positions.
To validate this, Bitcoin Cash could set a target at $621 and $695, potentially breaking its 52-week high. If the upward momentum continues, BCH could reach the possible price target of $849 by December 2024, with hopes that BCH might even climb to the $1,000 zone by the end of this year.
However, downside risks remain, with the immediate support levels at $449 and $429. Breaking these levels could dip BCH to $329.
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