BCH Price at Major Support Level; Could It Defend the $300 Mark?

• Sellers are struggling to drag the BCH price below the $300 hurdle.
• The Bitcoin Cash price traded below the key moving averages, showcasing sellers’ strength.

Bitcoin Cash (BCH) price has recovered from the bottom formed in July 2023 and displayed a strong buying momentum. It has gained around 500% by Q1 2024 and reached a multi-year high. However, the bullish trend was interrupted near the $700 hurdle.

Since April, the BCH price has witnessed strong selling pressure and lost around 55% by the first week of September. From March to June, buyers made several attempts to overcome the $500 mark but couldn’t. Sellers won the battle at that time and dragged the price to the $300 mark.

The digital asset price has been declining by making lower lows and lower highs, falling below the key moving averages. Since July, sellers have attempted twice to drag the price below the $300 mark. However, they failed to do so. Sellers have attempted again, the price has taken support on this level.

Is Buying Opportunity Generated in the BCH Crypto?

Kektardio (@keklabz) has tweeted that a buying signal has developed in the BCH crypto. Defending the $300 hurdle may result in intense buying pressure.

Long $BCH

Notional value 50k
5x

Mumu divergence.

(The most fadedeth has hardest pumpeth) pic.twitter.com/VXHA0cek46

— Kektardio (@keklabz) September 2, 2024

The RSI has generated a bullish divergence, which may help in inviting buyers. The involvement of investors may lead to a massive surge in the BCH token price.

BCH Price Analysis Based on Technical Indicators

The Bollinger Band (BB) suggests that the BCH price is at the lower BB and might target the Upper BB. The RSI has generated a bullish divergence, which may attract buyers.

Technical Analysis of the BCH Price Over 1-D Timeframe

In a daily time frame, the bearish trend in the Bitcoin Cash price has halted near the $300 mark. The price has been struggling between the $300 level and the 200-day exponential moving average (EMA) since July.

Track all markets on TradingView

If the digital asset price surpasses the key moving averages and sustains, buyers might get confident. The bullish trend in BCH price may disturb near the $500 hurdle. If the price exceeds that mark, it may shoot up for a longer period. Most of the technical indicators favor the bullish momentum.

Conversely, if the BCH price starts trading below the major $300 support level, it would be a bearish signal. Below that level, most of the investors may prefer to book profit, which may lead to a sharp selling.

The Bitcoin Cash crypto traded at $310.43 at press time and has remained neutral in the past 24 hours. The token’s market capitalization was $6.12 Billion, and the 24-hour trading volume was $150.49 Million.

Bitcoin Cash Price Analysis and Forecast

Based on the technical analysis of the BCH price, it appears that the $300 mark is a crucial support level. The presence of a bullish divergence in the RSI and the potential for the price to move towards seems strong.

The price at the lower Bollinger Band indicates a possible buying opportunity in BCH crypto. However, it’s essential to monitor the price’s behavior around the $300 level as a sustained break below. It could signal bearish momentum and lead to increased selling.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.