Will Bitcoin Cash Break Above the Crucial Resistance Level?

• The Bitcoin cash crypto price has declined by 93% from its all-time high price.
• The market cap rank of BCH crypto is #22 as per Coingecko.

Bitcoin Cash is a cryptocurrency that forked from Bitcoin in 2017. It has a larger block size and a different transaction ordering method than Bitcoin. It is used for fast and cheap transactions and is supported by various developers and communities.

The circulating supply of the Bitcoin Cash crypto is 19.599 BCH, which is 93.33% of the max supply. Moreover, the total supply of the crypto is 19.599 BCH and the max supply of the crypto is 21.0M BCH. The fully diluted market cap of the crypto is $5.468B.

The market cap of the Bitcoin Cash has also declined by 4.6% in the last 24 hours. It has resulted in a market cap of $5.081B. The trading volume has also declined by 37.9% and the traded volume of the crypto is $459.167M.

BCH crypto has a volume/market cap ratio of 9.63% and the market cap dominance of the crypto is 0.296%. 

Bitcoin Cash Derivatives Analysis

The Bitcoin Cash crypto has witnessed a long liquidation of $1.40M in the last 24 hours. This is followed by a short liquidation of $204.56K and the long/short ratio of the BCH is 0.9554. The trading volume of the crypto has also declined by 38.6% and the open interest has also declined by 10.2%.

BCH Crypto Technical Analysis

The BCH crypto price has advanced above the strong consolidation zone and is leading to further higher levels. The BCH crypto price is sustaining above the breakout levels and making a bullish candle on the chart. This behavior of the price shows that it might continue to advance to a higher level.

BCH/USD Chart by TradingView

The BCH crypto price is trading in a golden crossover and it has advanced above the 50-day and the 200-day EMAs. The EMAs are slowly advancing to a higher level and the crypto is also forming bullish patterns on the chart.

The RSI is also following a bullish cycle on the charts and is trading above the 50 level. It also has crossed above the 14-day SMA line and the RSI is following a bullish cycle.

Conclusion 

Bitcoin Cash has shown a remarkable recovery from its all-time low and is breaking above the crucial resistance level. This cryptocurrency has strong support from its community and developers and a high potential for scalability and innovation. Bitcoin Cash is a bullish cryptocurrency that can challenge its rivals in the future.

Technical Levels

Support Levels: $94.50 and $163.00

Resistance levels:$393.50 and $682.50

Disclaimer

This article is for informational purposes only and does not provide any 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.