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The Bitcoin Cash price prediction shows that BCH may head toward the channel’s lower boundary which could later settle in consolidation.
Bitcoin Cash Prediction Statistics Data:
- Bitcoin Cash price now – $313
- Bitcoin Cash market cap – $6.17 billion
- Bitcoin Cash circulating supply – 19.75 million
- Bitcoin Cash total supply – 19.75 million
- Bitcoin Cash Coinmarketcap ranking – #15
Evaluating a cryptocurrency’s potential often benefits from early investment. For instance, Bitcoin Cash (BCH) with a current 24-hour low of $311.42 and a high of $325.87 has seen dramatic fluctuations over time. It reached an all-time high of $4,355.62 on December 20, 2017, reflecting a 92.82% decline from that peak. Conversely, it hit an all-time low of $75.08 on December 15, 2018, but has since surged by over 316% from that low. This historical performance highlights both the token’s volatility and its significant recovery potential.
BCH/USD Market
Key Levels:
Resistance levels: $400, $420, $440
Support levels: $240, $220, $200
BCH/USD has been trading within a downward channel, encountering a significant resistance level at $313. This level has historically served as both support and resistance, making it a crucial barrier for BCH. Recently, the price attempted to break out of the moving averages but was rejected at the $326 level, emphasizing the strength of this resistance.
Bitcoin Cash Price Prediction: BCH Price May Consolidate Below the Moving Averages
Despite the recent rejection, the Bitcoin Cash price has formed several bullish patterns, including a breakout from a long-term falling wedge. This pattern suggests a potential for upward movement, but the price is now testing the $311 level that has provided strong support. However, this support is critical, as a breakdown could lead to further declines, potentially testing the channel’s lower support at around $250. Any further downtrend could hit the critical supports at $240, $220, and $200.
Nonetheless, if BCH manages to break out of its current downward channel, the next significant resistance level to watch could be around $360. A breakout above this level could initiate a rally toward this target, offering substantial upside potential for traders. Meanwhile, if there is an increase in buying pressure, the price may break toward the channel to reach the $380 resistance. While trading at that level, a bullish continuation could reach the resistance levels of $400, $420, and $440 respectively.
BCH/BTC Keeps Moving Bearishly
Against Bitcoin, Bitcoin Cash is likely to continue the bearish movement as the bears keep showing a serious commitment within the market. According to the recent negative sign, the bearish trend may continue as much as the buyers failed to push the price above the 9-day and 21-day moving averages.
However, the 9-day moving average remains below the 21-day moving average to confirm the bearish movement. Therefore, any further downtrend could hit the support level of 4300 SAT and below, but a bullish cross above the upper boundary of the channel may push the price to the resistance level of 6500 SAT and above.
Meanwhile, towards the end of August, @HBVT8375 updated his followers on X (formerly Twitter) regarding the future of $BCH. He noted that if $BCH closes the month above $400, similar to the previous month, it could signal the start of a significant bull run. However, if it doesn’t reach that mark, he advised accumulating more $BCH in preparation for future gains. This strategic outlook emphasizes the importance of the $400 level as a key indicator for potential upward momentum in the market.
August is going to the end. Whether $BCH close this month above 400$ like previous month. If so, a big bull rull for $BCH is ahead. If not, buying more. pic.twitter.com/mhkCchqtW4
— LEO68 (@HBVT8375) August 30, 2024
Alternatives to Bitcoin Cash
Bitcoin Cash is at a crucial point, with potential for significant price movements depending on its ability to break key resistance at $350 and maintain its uptrend support. At the same time, Pepe Unchained is drawing considerable market interest, with over $150,000 in recent inflows, distinguishing itself from other meme coins like Shiba Inu and Dogecoin. With a lower market cap, strong investor confidence, and over $11.7 million raised in its presale, Pepe Unchained presents a promising investment opportunity.
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