Key takeaways
- Bitcoin Cash is the best performer among the top 20 cryptocurrencies by market cap.
- The coin could hit $600 soon as the broader crypto market embarks on a recovery
BCH hits $550 as market shows signs of recovery
BCH, the native coin of the Bitcoin Cash blockchain, is the best performer among the top 20 cryptocurrencies by market cap in the last 24 hours. The coin rallied by 5% in the last 24 hours to cross the $550 mark and now trades at $567 per coin.
Its positive performance comes as the broader crypto market slightly recovered from Monday’s slump. Bitcoin is trading above $110k once again after dropping to the $107k region over the weekend.
Ether, the second-largest cryptocurrency by market cap, has also topped $4,400 after testing the $4,250 low on Monday. Bitcoin Cash could now rally higher over the coming hours as the bullish momentum slowly returns.
BCH targets the $608 high
The BCH/USD 4-hour chart is bullish and efficient thanks to Bitcoin Cash’s performance in recent weeks. The higher timeframe sentiment remains bullish despite the recent market sell-off.
The RSI of 63 shows that BCH could be heading into the overbought region if the bullish trend continues. The MACD lines are also in the positive territory, suggesting that the momentum indicators have a bullish bias.
If the recovery continues, BCH could surge towards last week’s high of $608 over the next few hours. An extended bullish run would allow BCH to reclaim the August high of $633.
However, the market conditions remain choppy, and Bitcoin Cash could undergo a correction. If that happens, BCH could retest the weekend low of $521 before dropping towards $490 for the first time since July.
Despite that, BCH remains one of the strongest coins among the top 20 at the moment. It could rally higher in the near term if the market maintains the bullish momentum.
The post BCH crosses $550, outperforms other major cryptos; Check forecast appeared first on CoinJournal.
